The UK will increase taxes by £40 billion to fill a black hole in the public coffers.
This was announced by finance minister Rachel Reeves in Labour's first budget since winning power, AFP reports.
"I am bringing stability back to our public finances and restoring public services," Reeves told parliament. Since winning the election in July, she has announced that tax rises would not affect workers' incomes.
Britain's first female chancellor of the exchequer said £25bn would come from increasing employers' national insurance contributions. This is a payroll tax that is used to fund social care.
Inheritance tax changes will bring in more than £2 billion, The government, headed by Prime Minister Starmer, is also raising taxes on capital gains and property purchases. | BGNES
