The United Kingdom is raising taxes by an eye-watering £40 billion ($52 billion), as the government seeks to plug a hole in its finances by targeting higher earners, wealthy foreigners and businesses.
UK finance minister Rachel Reeves, the first woman to ever hold the position, unveiled the tax hikes Wednesday in the ruling Labour Party’s first budget since it won a landslide victory in a general election in July.
The measures — which will increase annual government revenue by £41.5 billion ($54 billion) by the end of the decade — push the tax take to a record 38% of gross domestic product, according to the Office for Budget Responsibility, the UK government’s fiscal watchdog.
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Article URL : https://www.cnn.com/2024/10/30/business/uk-budget-capital-gains-tax-rachel-reeves/index.html