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Rachel Reeves has finally confirmed she will raise £40billion in taxes in her first Budget since becoming Britain's first female Chancellor.
Speaking to MPs in the House of Commons, the Chancellor of the Exchequer said: “Together, the black hole in our public finances this year, which recurs every year, the compensation payments which they did not fund and their failure to assess the scale of the challenges facing our public services means this Budget raises taxes by £40billion."
However, Reeves was dealt a hammer blow as the Office for Budget Responsibility announced a series of growth downgrades moments before her Budget.
The OBR found that the rate was upgraded by 0.4 per cent across 2024 and 2025.
#budget2024 #RachelReeves #UKNews #UKPolitics
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