Austerity Averted: Rachel Reeves' Ambitious Budget Unveiling

British finance minister Rachel Reeves announced her annual budget, highlighting significant tax increases. She emphasized continued investment in the NHS and measures to reduce debt, borrowing, and inflation. Despite releasing errors and potential opposition, she assured no return to austerity, projecting positive financial outlooks for the future.

British finance minister Rachel Reeves delivered her annual budget on Wednesday, revealing a comprehensive plan centered on significant tax increases.

Reeves addressed an unfortunate early release of the economic outlook by the Office of Budget Responsibility but assured accountability. Her speech detailed continuous efforts to cut NHS waiting lists and reduce the cost of living.

Reeves promised there would be no return to austerity, maintaining investment in the economy and healthcare. She projected reduced inflation and debt, underlining a positive financial trajectory and doubling the stability rule headroom to £21.7 billion.

(With inputs from agencies.)