UK chancellor Rachel Reeves has put a £40bn tax increase at the heart of a plan to fix the country’s “broken” finances and public services, with business and the wealthy bearing the brunt of the biggest Budget tax hike in a generation. Reeves also announced a sharp increase in borrowing to fund an extra £100bn of capital spending over the parliament, in a massive expansion of the state that will define political battle lines for years to come.
As part of its move to abolish the non-dom regime, the government said it would end the use of offshore trusts to shelter assets from UK inheritance tax, ignoring warnings that such a move could spark an exodus of rich people from the UK. The chancellor added that, instead of the scheme, the UK would introduce a new “internationally competitive” residence programme. Reeves announced an immediate increase in capital gains tax, with the higher rate rising from 20 per cent to 24 per cent.
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