The Labour Party's first budget in 14 years marks a significant political moment, featuring substantial tax hikes targeting businesses and the wealthy, as they aim to revitalize the public sector and stimulate growth.
Rachel Reeves emphasizes the budget's focus on borrowing and spending, asserting that these measures are necessary to boost investment and establish a foundation for higher economic growth in the UK.
Prime Minister Keir Starmer acknowledges the immediate pain the budget might cause but insists it is a strategic move towards long-term prosperity, suggesting that current sacrifices will yield future benefits.
The announcement coincides with broader economic challenges, as Russia's Central Bank unexpectedly raises interest rates to a record high amidst international financial turbulence and the need for fiscal stability.
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