Chancellor Rachel Reeves Defends Tax Hikes Amid Criticism
Chancellor Rachel Reeves addresses backlash over increased National Insurance contributions and other tax rises in her recent budget, admitting past misstatements.
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Overview
During a media round, Chancellor Rachel Reeves acknowledged her prior claims of no needed tax increases were incorrect, given the £22bn fiscal deficit from the previous government. She confirmed that her budget raised taxes by £40bn to stabilize public finances, notably increasing employer National Insurance contributions, capital gains tax, and altering inheritance tax rules. Despite criticism from business representatives and political opponents regarding potential negative impacts on economic growth, Reeves insists that the government's fiscal strategies are responsible and necessary for the country's financial reformation and commitments to public services.
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