\n
\u201cThey\u2019re taxing your job, they\u2019re taxing your business, they\u2019re taxing your savings. You name it, they\u2019ll tax it,” Sunak told MPs in his final Commons appearance as leader of the opposition.<\/p>\n
But Reeves claimed any \u201cresponsible chancellor\u201d would have been forced to do the same to \u201cfix the foundations\u201d of the economy.<\/p>\n
In a marathon 76 minute speech, she said Labour would fulfil its promise to voters in July’s election to \u201cinvest, invest, invest\u201d to “drive economic growth”.<\/p>\n
Labour had said that their number one \u201cmission\u201d was growth – and that they would achieve the highest rate of growth of any G7 country within five years.<\/p>\n
However, the Office for Budget Responsibility’s assessment was that the package of economic measures ultimately “leave GDP largely unchanged in five years”.<\/p>\n
Labour’s first Budget since 2010 sees the second biggest increase in taxes in UK history.<\/p>\n
As measured by amount of tax raised relative to the size of the economy, it is slightly smaller than Conservative Chancellor Norman Lamont\u2019s 1993 Budget.<\/p>\n
But in a surprise move, Reeves decided not to continue a freeze on income tax thresholds beyond 2028, which would have dragged millions of people into the tax system for the first time or pushed them into paying higher rates.<\/p>\n
And she announced changes to Labour\u2019s self-imposed borrowing rules to allow the government to pump billions into the UK’s infrastructure and fund improvements to crumbling schools and hospitals.<\/p>\n
She also froze petrol duty for next year – and retained a 5p cut introduced by the Tories that was due to expire in April.<\/p>\n
But she said a \u00a322bn \u201cblack hole\u201d inherited from the previous government meant tax rises were needed.<\/p>\n<\/div>\n<\/div>\n
![\"Rachel](\"https:\/\/ichef.bbci.co.uk\/ace\/standard\/240\/cpsprodpb\/1324\/live\/a06544d0-96d0-11ef-870b-356459e6684f.jpg.webp)
<\/picture><\/span>EPA<\/span><\/div>\n<\/figure>\n<\/div>\n