Yesterday (November 26), Britain’s center-left Labour government rolled out a bold, tax-raising budget to tackle a growing £20 billion hole in public finances. Facing a downgraded growth forecast stretching over the next few years, Finance minister Rachel Reeves froze income-tax thresholds, meaning more workers will be bumped into higher brackets. 🇬🇧💷
Reeves explained in parliament: “These are my choices – not austerity, not borrowing, not turning a blind eye to unfairness. My choices are fair taxes, strong public services, and a stable economy.” The plan is set to bring in an extra £30 billion by 2030–2031, with fresh levies on online gambling, luxury properties, and even a mileage charge for electric cars. ⚡🏠
Prime Minister Keir Starmer hopes the budget will ease the cost-of-living crisis, cut NHS waiting times, and show voters that Labour is delivering solutions as right-wing rivals gain ground. For young professionals and entrepreneurs, the business tax hikes signal a shift in the investment climate, while students and researchers will be watching economic forecasts closely. 🎓💡
Whether you’re planning your next UK trip, following market trends, or just #KeepingUpWithTheBudget, these changes will shape Britain’s economy for years to come. Stay tuned as we break down what this budget means for you! 🌍✨
Reference(s):
cgtn.com
