UK Labour government proposes tax hikes in latest budget announcement

Chancellor of the Exchequer Rachel Reeves (centre) outside 11 Downing Street, London, with her ministerial red box. PIC/Getty Images

Following weeks of speculation, Britain's unpopular Labour government was set to deliver its second budget on Wednesday since it returned to power in a landslide election victory in July 2024 after 14 years in opposition. Treasury chief Rachel Reeves - the first woman to hold the post of Chancellor of the Exchequer - is set to tell lawmakers that more tax-raising measures are necessary to plug a hole in the public finances.

Reeves said much the same at her first budget a little more than a year ago. That budget, she had insisted, would be the one and only big tax-raising budget in this parliamentary term, which is due to run to 2029. Unfortunately the world's sixth-largest, is not doing as well as she hoped, with many critics blaming her decision last year to slap taxes on business.

Though there were signs that the economy was on the mend this year when it was the fastest-growing among the Group of Seven leading industrial nations, but it faltered again.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever