Taxes, borrowing and spending up in Rachel Reeves’ first Budget

Chancellor of the Exchequer Rachel Reeves poses outside 11 Downing Street, London, with her ministerial red box, before delivering her Budget in the Houses of Parliament. Picture date: Wednesday October 30, 2024. - (PA Wire)

Rachel Reeves announced £40 billion a year in extra taxes as she increased Government borrowing and spending to “rebuild Britain”.

The Chancellor’s plans will see the tax burden reach an historic high, while borrowing increases by an average £32.3 billion a year as spending increases by around £70 billion annually over the next five years.