Chancellor raises taxes to one of the largest ever – London Business News | Londonlovesbusiness.com

The Chancellor has told MPs in the House of Commons whilst delivering her first Autumn Budget the government will raise taxes by £40 billion.

Rachel Reeves blamed the Conservative Party for the £22 billion “black hole” in the UK’s “public finances.”

The Chancellor accused the Tories of “failure to assess the scale of the challenges facing our public services.”

The Chancellor told MPs, “Any chancellor standing here today would face this reality.

“And any responsible chancellor would take action.

“That is why, today, I am restoring stability to our public finances and rebuilding our public services.”

Reeves said that Labour inherited “broken” public finances from the Tories, she said people can clearly see crumbling schools, growing NHS waiting lists, polluted rivers and criminals walking free.

Reeves told MPs, “This is the country’s inheritance from the party opposite.”

The Chancellor confirmed that minimum wage will rise by 6.7% to £12.21 from April next year and those aged 18 to 20 they will receive a record 16.3% rise to £10 an hour, this was recommended by the Low Pay Commission.

Reeves added this is a Labour policy “to protect working people, being delivered by a Labour government once again.”