Reeves increases taxes by £40bn to address ‘black hole’ in public finances

Chancellor Rachel Reeves poses outside 11 Downing Street, London, with her ministerial red box before delivering her Budget in the Houses of Parliament (Lucy North/PA) - (PA Wire)

Chancellor Rachel Reeves set out a Budget which will increase taxes by £40 billion as she promised to “fix the foundations” of the economy and repair the public finances.

In the first Labour Budget since 2010 – and the first ever delivered by a woman – Ms Reeves promised to “invest, invest, invest”.