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The UK’s first-ever female Chancellor, Rachel Reeves, has revealed a new budget aimed at strengthening the UK economy. In a major policy announcement, the government plans to increase taxes by £40 billion. Reeves said that the goal of the new budget is to “fix the foundations” of Britain’s economy.
According to the Chancellor, the government will collect £25 billion from employers’ National Insurance contributions. This is the first Labour Party budget since 2010, and it was presented by a female chancellor for the very first time.
In response to the budget, Conservative Party leader Rishi Sunak criticized the new policies, calling it “an enormous borrowing spree” and highlighting broken promises. Despite the criticism, the Chancellor appears to be optimistic about the future of the UK’s economy.
The new budget could lead to significant changes across the country, with some analysts suggesting that it could affect employment levels, spending, and pay. As Britain looks to recover from the effects of the pandemic, policymakers are keen to take action to stimulate the economy and help businesses get back on track. Whether or not these policies will be effective remains to be seen
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