UK’s Labour govt to raise taxes in high-stakes budget

Following weeks of speculation and mixed signals, Britain's centre-left government will deliver a budget Wednesday aimed at pleasing financial markets, businesses and jaded voters - an all-but-impossible task for an already unpopular administration.

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In her second annual budget since the Labour Party returned to power after 14 years with a landslide election victory in July 2024, Treasury chief Rachel Reeves is set to tell lawmakers that more tax-raising measures are necessary to plug a hole in the public finances.

In a video statement, Reeves said she would "take the fair and necessary choices" to ease the cost of living, safeguard public services and keep debt under control.