Autumn Budget 24: Government to raise taxes by £40bn to plug UK's fiscal hole

Labour's first Budget in 14 years

Chancellor Rachel Reeves has presented a pivotal Budget for the UK’s new Labour government, aiming to plug the country’s fiscal "black hole" while investing in critical infrastructure and public services.

Delivering the Labour Party's first fiscal event in 14 years, she told MPs in parliament today (30 October) that taxes would need to be raised by £40bn, one of the largest increases in a generation.  "Any chancellor standing here today would have to face this reality, and any responsible chancellor would take action," she said during her speech. "That is why today, I am restoring stability to our public finances and rebuilding our public services." The chancellor said Britain had inherited broken public finances and public services from the previous government, and pointed once again ...