Chancellor Rachel Reeves’ first Labour Budget for 14 years includes £40bn in tax rises.
Delivering the Budget in Parliament, Reeves (pictured) openly announced the increased tax revenue early in her statement.
She said it was primarily to address the £22bn black hole left by the previous Conservative government with billions of pounds of unfunded spending promises made.
She also said the fiscal rules would make it a requirement for the public finances to be balanced in terms of revenue spending.
A Covid corruption commisison has been announced to investigate the previous Conservative government’s actions during the Covid pandemic.
Reeves also confirmed the increase of the National Living Wage by 6.7% from £11.44 to £12.21 an hour from April 2025.
The national minimum wage will be increased for 18-20 year-olds taking it to £10 per hour from £8.60.