Rachel Reeves goes back to the future with a tax and spend budget

Rachel Reeves’ budget signifies a shift towards substantial public spending increases, funded by higher taxes and borrowing, aiming for a more modernized economy.

The Office for Budget Responsibility noted public spending will increase by nearly £70 billion annually, with taxes climbing by £40 billion, indicating a major fiscal shift.

Reeves' handling of spending without immediate tax burden on ordinary voters suggests a strategy to reassure them, despite significant contributions from businesses.

By choosing not to raise fuel duty or extend tax freezes, Reeves highlights a strategic focus on business taxation while maintaining support for public services.

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