UK's Labour Government Imposes Significant Tax Increases in First Budget

The Labour Party's Chancellor of the Exchequer, Rachel Reeves, has announced a tax hike as part of the party's first budget since returning to power. The tax hike, valued at £40 billion, will be used to fund public services and bolster the government's finances. The tax increase will come from a hike in employers' national insurance contributions, which will raise £25 billion, and changes to inheritance tax, which will raise over £2 billion. This move is part of the government's effort to "invest, invest, invest" and spur economic growth.