More spending and tax hikes expected in the first budget from Britain's Labour government

British Treasury chief Rachel Reeves will deliver her first budget in Parliament on Wednesday, navigating the delicate balance between investing through borrowing and managing tax increases without adversely impacting businesses.

Prime Minister Keir Starmer emphasized that the upcoming budget will reveal 'the harsh light of fiscal reality,' highlighting the government's commitment to responsible financial management amid challenging public finances.

The Labour Party, freshly elected, promises to restore public services and stabilize the economy, emphasizing the necessity of higher taxes and restrained public spending to rebuild the foundations of the economy.

This is the first budget by a Labour government in nearly 15 years, and also marks a historic moment as it is delivered by a female finance minister.

Read at www.independent.co.uk