In a historic moment for the United Kingdom, Chancellor Rachel Reeves has unveiled her first budget in the House of Commons. Reeves, the first female to hold the position of chancellor, wasted no time in making her mark with a bold move to raise taxes by £40 billion.
The budget announcement comes after leaks from Labour caused a stir in Parliament, prompting the deputy speaker to reprimand the party. Despite the early revelations, Reeves still managed to surprise with key measures such as increasing revenue from businesses, adjusting fiscal rules to allow for more borrowing, and implementing a rise in the minimum wage.
The day’s schedule was packed with anticipation as Cabinet members gathered for a pre-budget meeting, followed by Reeves’ departure from No. 11 Downing Street. The budget speech was preceded by Scotland questions in the House of Commons and Prime Minister’s Questions, setting the stage for the Chancellor to deliver the Labour Government’s first budget at 12:30.
As the details of Reeves’ budget unfold, the country awaits with bated breath to see how these tax hikes will affect businesses and individuals across the UK. With the economy still recovering from the impact of the pandemic, Chancellor Rachel Reeves faces the daunting task of navigating the country through uncertain economic waters with her ambitious fiscal plan.
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Video “LIVE: Chancellor Rachel Reeves raises taxes by £40bn in UK budget” was uploaded on 10/30/2024 to Youtube Channel The Times and The Sunday Times