Reeves keeps door open to tax hikes after £26 billion budget hit #shorts #uk #budget #reeves

UK Chancellor of the Exchequer Rachel Reeves didn’t rule out further tax increases in this parliament, after announcing a £26 billion ($34.4 billion) revenue-raising package to stabilize Britain’s public finances. She spoke with Bloomberg’s Lizzy Burden Wednesday https://bloom.bg/4p39UAd

The budget included a more-than-doubled buffer of £22 billion and increased welfare spending by £16 billion, with decisions such as scrapping the cap on child benefits earning praise from left-wing Labour MPs.
The Office for Budget Responsibility said the budget would have “no significant impact on output by 2030”, and the UK tax burden is expected to hit 38% of GDP, the highest since records began just after the second world war.

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