Britain’s Chancellor of the Exchequer, Rachel Reeves, looks up as she holds up the traditional red ministerial box containing her budget speech, as she poses for the media outside No 11 Downing Street, before departing to the House of Commons to deliver the budget in London, Wednesday, Oct. 30, 2024. Britain’s Prime Minister Keir Starmer and Chancellor Rachel Reeves speak with members of staff, during a visit to University Hospital Coventry and Warwickshire, in Coventry, England, Thursday, Oct.
The budget saw taxes raised by 40 billion pounds , proportionately the biggest for over three decades, and borrowing and spending increased — a combination that clearly unnerved some investors. Other analysts said the public finances will likely need to be bolstered again in coming years if the U.K.'s economic growth doesn’t pick up. The Office for Budget Responsibility, an independent watchdog, said in its assessment of the budget that the measures would do little to boost growth levels over the coming years.Voting closes in contest to lead UK Conservative Party as it seeks to rebound from defeatOn Friday, the yield, or interest rate, charged on the U.K.