Rachel Reeves' budget aims to reverse a decade of decline in UK public services with significant tax rises on businesses and the wealthy, essential for balancing finances.
These tax changes, including an increase in national insurance contributions for employers, are projected to raise £25 billion by the end of the parliament, a core part of Labour's strategy to end austerity.
Despite the sweeping reforms, Reeves pledged not to increase taxes on working people, including a freeze on personal tax thresholds, while emphasizing the need for responsible leadership.
Opposition MPs and business leaders are concerned that the substantial tax increases on employers may lead to job losses and reduced wages, conflicting with Labour's promises during the election.
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