Labour’s Chancellor of the Exchequer Rachel Reeves unveiled a plan to raise a record-breaking £40bn in her Budget, which includes a hike in National Insurance rates for employers to 15% from next year. The Institute for Fiscal Studies warns that working people will bear the brunt of these tax increases, while other critics express concerns about the impact on businesses, the lack of support for renters, and the need for educational and Brexit-related reforms. Overall, the Budget is seen as the first step in addressing the country’s economic challenges, but more meaningful reform may be necessary in the future.
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