Reeves revealed a historic tax increase, aiming to fix public finances and restore services <br />Chancellor Rachel Reeves has announced a £40 billion tax increase in the first Labour budget since 2010<br />The budget aims to address a significant "black hole" in public finances left by the Conservatives<br />Key measures include a £25 billion increase in employers' national insurance contributions and hikes in capital gains tax and tobacco duty<br />The budget also outlines an increase in the stamp duty surcharge for second homes and the soft drinks industry levy, while maintaining a freeze on fuel duty<br />Improvements in the carers allowance and a commitment to invest over £5 billion in housing and infrastructure are included<br />Chancellor Rachel Reeves has unveiled an Autumn Budget that will raise taxes by £40 billion, pledging to “fix the foundations” of the economy and restore public finances.<br /><br />It marked the first Labour budget since 2010 and the first ever presented by a woman, as Reeves emphasised the need to “invest, invest, invest.”<br /><br />But the Chancellor also said that the “black hole” left by the Conservatives necessitates tens of billions in additional tax revenue.<br /><br />Reeves added that the extent of the public spending issues she inherited is more severe than previously anticipated.<br /><br />She said the £22 billion “black hole” left by the Tories in this year’s finances showed they “hid the reality of their public spending plans”, with problems recurring in future years.<br /><br />But what does it all mean for you, and will the Budget lead to “more pounds in peoples’ pockets”, as claimed by Reeves? <br /><br />
