UK's Labour govt hikes taxes in first budget

Finance minister Rachel Reeves presented the first budget of the new Labour government
Finance minister Rachel Reeves presented the first budget of the new Labour government

Britain's new Labour government on Wednesday announced major tax hikes and higher borrowing to meet Prime Minister Keir Starmer's aim of investing for long-term growth.

In the highly-anticipated fiscal update -- the first under the centre-left government after 14 years of Conservative rule -- finance minister Rachel Reeves said tax increases would raise an additional £40 billion ($52 million).

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