UK’s Labour government raises taxes by 40bn pounds in first budget
British Chancellor of the Exchequer Rachel Reeves has told lawmakers that taxes will rise by 40 billion British pounds ($52bn) in order to plug a hole in the public finances and provide new funding for the United Kingdom’s cash-starved public services, in a wide-ranging budget statement that could set the tone for years to come.
In the Labour Party’s first budget since returning to power earlier this year after 14 years in opposition, Reeves said she was also changing the UK’s rules so the government can “invest, invest, invest” and spur economic growth.
But the UK’s own budget watchdog is sceptical it will improve growth in the short term.
Al Jazeera’s Jonah Hull reports from London.
Subscribe to our channel: http://bit.ly/AJSubscribe
Follow us on Twitter https://twitter.com/AJEnglish
Find us on Facebook https://www.facebook.com/aljazeera
Check our website: http://www.aljazeera.com/
Download AJE Mobile App: https://aje.io/AJEMobile
#UnitedKingdom #UKBudget #LabourBudget #KierStarmer #RachelReeves #UKEconomy #TaxAndSpend #EconomicGrowth #AlJazeeraEnglish
