Rachel Reeves Unveils Bold Budget with Major Tax Increase

British finance minister Rachel Reeves presented her annual budget, featuring significant tax hikes aimed at reforming the tax system, maintaining investment, and avoiding austerity. She emphasized economic growth through private and public investment, while ensuring fiscal stability with stringent rules.

Rachel Reeves, the British finance minister, announced her annual budget on Wednesday, introducing significant tax increases and detailing changes to the tax system designed for fairness and equity. She confirmed that income tax and National Insurance thresholds would remain unchanged, keeping contributions modest while ensuring the wealthiest contribute more.

Reeves underscored her budget's focus on combating inflation, cutting NHS waiting lists, and curbing living costs. Despite opposition, she reiterated her commitment to avoiding austerity and pledged ongoing investment in the economy and the National Health Service, aiming to enhance economic growth through public and private investments.

The finance minister highlighted fiscal responsibility underlined by 'iron-clad' rules. She also asserted plans to reduce waste, cut inefficient expenditures, and reinvest savings in healthcare, emphasizing a commitment to both economic stability and improved public services.

(With inputs from agencies.)