UK Treasury chief Rachel Reeves unveils £40bn tax hikes in budget

UK Treasury chief Rachel Reeves unveils budget with £40bn in tax hikes and says she'll "invest, invest, invest".

Transcript

00:00Invest, invest, invest. This is what British Treasury Chief Rachel Reeves said the U.K.

00:08government plans to do as she announced her budget plans on Wednesday. She told lawmakers

00:13that taxes will rise by 40 billion pounds to provide new funding for the U.K.'s cash-starved

00:19public services, including its national health services.

00:24Four pounds in people's pockets, an NHS that is there when you need it, an economy that

00:33is growing, creating wealth and opportunity for all, because that is the only way to improve

00:41living standards.

00:42Reeves also stressed that so-called working people would not suffer from the tax hikes,

00:47but that employers' national insurance contributions would increase.

00:52I say to working people, I will not increase your national insurance, I will not increase

00:57your VAT and I will not increase your income tax.

01:04This is the Labour Party's first budget since returning to power earlier this year, after

01:0814 years in opposition. Reeves claimed that higher taxes and limited public spending increases

01:14are needed to fix an economy that her party argues has been undermined by Britain's previous

01:19conservative government.