UK Treasury chief unveils budget with $50 billion in tax hikes, promising greater investment

Associated Press

LONDON (AP) — British Treasury chief Rachel Reeves is announcing $50 billion in tax hikes in her first budget, saying she will use the money to “invest, invest, invest” and get the economy growing. Reeves is delivering the first budget from the U.K.’s Labour Party government since it took power in July. She says the tax increases are needed because of the economic “black hole” left by the previous Conservative government. Earlier, Reeves pledged that the budget will put “more pounds in people’s pockets,” but the government has struck a gloomy note about the state of the public finances. Prime Minister Keir Starmer warned that the budget will reflect “the harsh light of fiscal reality.”