Summary
The article discusses the UK Budget announcement by Chancellor Rachel Reeves, highlighting tax increases and welfare spending changes. Key points include the introduction of 43 tax hikes, scrapping the two-child benefit cap, and forecasts suggesting the tax burden will rise significantly, impacting living standards and economic activity.
Key Facts
- The Chancellor announced 43 tax increases to raise an extra £26 billion.
- One in four taxpayers, or about 10.6 million people, will be higher or additional-rate taxpayers by 2030.
- The Office for Budget Responsibility predicts these tax hikes will affect living standards and economic growth.
- Scrapping the two-child benefit cap adds £9 billion to welfare spending.
- The Budget aims to raise welfare spending to £406 billion by 2030-31.
- A new tax will affect homes valued over £2 million.
- Critics say the Budget breaks previous promises of no further tax increases.
- The news caused temporary volatility in the stock market due to early release of OBR feedback.
