LONDON — British Treasury chief Rachel Reeves is announcing 40 billion pounds in tax hikes in her first budget, saying she will use the money to “invest, invest, invest” and get the economy growing.
The center-left party was elected July 4 after promising to banish years of turmoil and scandal under Conservative governments, get Britain’s economy growing and restore frayed public services.LONDON — British Treasury chief Rachel Reeves will deliver her first budget in Parliament on Wednesday, a tightrope act that aims to find billions for investment through borrowing and tax hikes without roiling businesses or raising taxes on working people.
She has pledged to put “more pounds in people’s pockets,” give a much-needed financial boost to public services, such as schools and hospitals, and get the economy growing. All this has to be done within the confines of stretched public finances, which the government has said are in a much worse state than thought when it was elected in July.
The center-left government argues that higher taxes and limited public spending increases are needed to “fix the foundations” of an economy that it argues has been undermined by 14 years of Conservative government. That means the budget is certain to include tax increases — though Labour has pledged not to raise the tax burden on “working people,” a term whose definition has been hotly debated in the media for weeks. The Treasury has announced that about 3 million of the lowest-paid workers will get a 6.7% pay increase next year, with he minimum wage rising to 12.21 pounds an hour.
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