LONDON - Britain's new finance minister Rachel Reeves will announce what may be the biggest tax hikes in three decades on Wednesday in a bid to fix the country's sagging public services, alongside billions of pounds of extra borrowing to overhaul the economy.
Four months on from the election, Prime Minister Keir Starmer has said"those with the broadest shoulders" will have to pay more tax under the budget plan that Reeves will announce to parliament at around 1230 GMT. "Keir Starmer and Rachel Reeves will likely be concerned how quickly years of goodwill among businesses appears to have dissipated," said Matt McGinn, a consultant at Savanta.
"The only way to drive economic growth is to invest, invest, invest," Reeves said in the speech excerpts."There are no shortcuts. To deliver that investment we must restore economic stability."