The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing.
Bank of England again cuts U.K. interest rates despite modest budget-related inflation spike
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She says the tax increases are needed because of the economic “black hole” left by the previous Conservative government.
U.K. Treasury chief reveals budget with 40 billion pounds in tax hikes, promising greater investment
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