Chancellor Rachel Reeves has delivered Labour's first budget since 2010, announcing a record-breaking £40 billion tax increase. The budget includes a significant rise in employers' national insurance, which has sparked criticism for breaking Labour's previous manifesto promises. Reeves defended the tax hikes, stating they are necessary to address the financial mismanagement left by the previous Conservative government. The budget also outlines plans for infrastructure investment and wage support for working people. This marks a pivotal moment for Labour as they take control of the UK's economic strategy.
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