Rachel Reeves Unveils Bold Economic Strategy in First Labour Budget

British Treasury chief Rachel Reeves announced a 40 billion pound tax increase in her first budget, aimed at boosting the UK's economy and public services. As part of the new Labour Party government, Reeves focuses on recovering from the economic challenges left by the previous Conservative administration.

British Treasury chief Rachel Reeves has unveiled a substantial 40 billion pound tax hike in her debut budget, asserting her commitment to "invest, invest, invest" to spur the nation's economic growth.

In delivering the first budget since the Labour Party assumed power in July, Reeves emphasized the tax increases were necessary to address the financial woes inherited from the previous Conservative government.

Addressing lawmakers, she stated, "I am restoring stability to our public finances and rebuilding our public services," underscoring the centre-left party's pledge to erase years of instability and revitalize Britain's economy and public resources.

(With inputs from agencies.)