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Lord Mervyn King, former governor of the Bank of England, criticized Rachel Reeves’ proposed tax hikes in the Budget, stating that they will ultimately impact workers. King emphasized that taxes are paid by individuals and will lead to higher costs for most people, regardless of how Labour defines them. Despite Reeves’ promises of a Budget for “strivers,” tough decisions have been acknowledged, with the impact of higher taxes expected to affect the consumption of the majority.
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