Rachel Reeves Unveils Comprehensive Budget Update Amid Global Uncertainty

British finance minister Rachel Reeves presented her budget update, emphasizing the global uncertainty affecting public finances. Key highlights included a commitment to fiscal rules, no additional tax increases, measures against tax evasion, and investments in employment support to save billions in the welfare budget.

British finance minister Rachel Reeves announced her much-anticipated budget update to parliament on Wednesday, focusing on the challenges posed by global economic uncertainties.

Reeves highlighted the government's steadfast commitment to fiscal rules designed to stabilize the economy, promising there would be no further tax increases. To address tax evasion, significant investments will be made in advanced technology and enhancing HMRC's capacity to curb tax avoidance, with an anticipated revenue boost of £1 billion.

The minister also unveiled a billion-pound investment in personalized employment support and additional funding to the Department for Work and Pensions, aiming to save £3.4 billion in the welfare budget, while facilitating job opportunities.

(With inputs from agencies.)