The British Finance Minister Rachel Reeves announces tax increases of 40 billion pounds, approximately 554 billion kronor, to fill the gaps in the country's tax coffers. This marks a change of course in the UK's political direction.
In the first budget presented by the Labour government under Keir Starmer's leadership, efforts are being made to support social services.
I will restore stability to our public finances and our social services, said Reeves in parliament.
She emphasized that the tax increases will not affect "workers' incomes", reports AFP.
At the same time, Reeves announced that the British economy is growing faster than previously estimated this year.
Reeves, who is the UK's first female Finance Minister, said that part of the government revenue will come from an increase in employers' contributions to the British social insurance system. Inheritance tax will be increased, as well as tax on real estate transactions and capital gains.
