Rachel Reeves, the UK's first female chancellor, stated her government would not allow any future government to 'play fast and loose with public finances' after inheriting a '22bn funding black hole' from the Tories.
The chancellor outlined significant tax increases, including on national insurance contributions and stamp duty on second homes, as part of £40bn of tax hikes aimed at addressing public service funding.
Reeves emphasized a strategy of 'invest, invest, invest' to fix public services, indicating a clear commitment to addressing the challenges faced after extensive warnings about tough choices ahead.
Despite the hefty increases planned, the OBR noted that Reeves' policy approach would lead to a large, sustained increment in spending, taxation, and borrowing, laying bare the fiscal impact of the Labour Budget.
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