Reeves Lifts UK Taxes, Borrows to Invest in Debut Budget (1)

Chancellor of the Exchequer Rachel Reeves unveiled £40 billion ($51.9 billion) of tax rises and ramped up borrowing, a dramatic move to meet Labour’s pledge to “rebuild” the UK that still risks disappointing voters.

Read more: Here Are the Key UK Budget Measures Announced by Rachel Reeves

Reeves put the tax burden on course for a postwar high with hikes impacting businesses and the wealthy in particular, pointing the finger at her Conservative predecessor for leaving a fiscal black hole she said had undermined Labour’s plans. UK gilt prices fell as traders digested the long-term ramifications of taking on so ...