The United Kingdom is raising taxes by an eye-watering £40 billion ($52 billion), as the government seeks to plug a hole in its finances by targeting higher earners, wealthy foreigners and businesses.
The United Kingdom is raising taxes by an eye-watering £40 billion , as the government seeks to plug a hole in its finances by targeting higher earners, wealthy foreigners and businesses. UK finance minister Rachel Reeves, the first woman to ever hold the position, unveiled the measures Wednesday in the ruling Labour Party’s first budget since it won a landslide victory in a general election in July.
A mounting public debt burden — virtually the same size as the economy — means that ever more of the government’s budget is hoovered up by borrowing costs, leaving less for crumbling public services, including the stricken National Health Service. Before its election victory, Reeves’ Labour Party had pledged to keep taxes on working people “as low as possible,” promising to not raise income tax, sales taxes or payroll taxes.
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