"This budget raises taxes by 40 billion pounds," Reeves said on Wednesday, presenting the first financial plan of the new Labor government in the parliament.
In particular, the government will increase the rate of mandatory contributions to the national insurance system for employers, as well as increase capital gains tax, excess profit tax for energy companies and a number of others. At the same time, the government intends to raise excise taxes on carbonated drinks, introduce VAT on tuition fees in private schools, and introduce duties on vaping products in 2026.
The plan also includes the abolition of a special tax regime for people who are domiciled outside the United Kingdom.
In July, Reeves said the UK economy was in its worst condition since World War II. She later noted that the previous Conservative government left a 22 billion pound "hole" in the budget.