Rachel Reeves must now deliver on her investment plans, or taxes will rise even further
Britain’s chancellor Rachel Reeves inherited a deeply troubled economy: slow growth, strained public services and high debt. After months of confidence-sapping speculation, at Wednesday’s Budget she delivered a budget that was dramatic in scale: around £40bn in higher taxes — the largest increase for a generation — £70bn in higher spending, and £30bn more in borrowing, per year.
The chancellor listened to concerns, and contained some of the hit to the UK’s competitiveness by watering down rumoured plans to raise significant levies on private equity and wealthy investors. But businesses and investors — which power economic growth — will still feel squeezed. The NICs increase comes alongside capital gains tax increases, a minimum wage hike, and a costly workers’ rights bill.
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