3 months ago 28

UK Treasury chief Rachel Reeves unveils £40 billion tax hikes in budget

UK Treasury chief Rachel Reeves unveils budget with £40 billion in tax hikes and says she'll “invest, invest, invest”.

British Finance Minister Rachel Reeves has unveiled her budget plans in a speech on Wednesday and announced that taxes will be raised by £40 billion.

In the Labour Party's first Autumn Statement in 14 years, Reeves also said National Insurance contributions for employers will increase by 1.2% to 15% from April 2025, which she noted will raise £25 billion a year for the government.

The Chancellor also said there will be an increase in Capital Gains Tax, a freeze on fuel duty in 2025 - and said there will be an introduction of VAT on private school fees.