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UK announces rise in taxes to plug £22 billion gap in govt. finances

Thursday, 31 October 2024 7:54 AM [ Last Update: Sunday, 03 November 2024 7:01 AM ]

UK Chancellor Rachel Reeves announces "painful" first budget. (BY AFP)

The recently elected British Labour government has unveiled its first budget and set of financial measures that British citizens can expect over the coming years.

The Chancellor of the Exchequer, Rachel Reeves, has announced a rise in taxes across the board, a move the Treasury hopes will help plug a £22 billion gap in the government's finances.

Labour asserts this gap was left behind by the previous Conservative administration.

New British government announces painful first budget

New British govt. announces painful first budget

The Labor government has announced its budget.

Politicians say that the government's claims of wanting to invest more in the economy don't even begin to scratch the surface when it comes to addressing Britain's economic woes.

Whilst we'll see some modest investment, it will be nowhere near enough, compared to what the scale of the problem that the country has been facing through massive under investment, certainly for the last 14 years, but it goes back even further than that, and so that's a real tragedy, that this is going to be a huge missed opportunity, In my opinion.

Chris Williamson, Former British MP

Three million UK children living below poverty line

Three million UK children living below poverty line: Study

A record 9.3 million people, including three million children, are facing hunger and hardship in the UK, a study said Wednesday, with the new Labour government under pressure to do more to tackle child poverty.

The United Kingdom's economy has already been hammered by a series of largely self inflicted wounds over the past decade, from the decision to leave the EU to provoking the war in Ukraine and then raising interest rates to deal with the resulting inflation.

The British economy has been characterized by slow to no growth, a catastrophic cost of living crisis and a drain of brains and wealth to other countries across the world.

British pensioners’ welfare cut, more money for Ukraine

British pensioners’ welfare cut as more money pledged to Ukraine

The British government has announced it is cutting fuel support allowances for elderly people in an effort to try to balance the country

While the budget will see cuts to welfare, including cuts to winter fuel support for the elderly, it will see an extra £3 billion for the British military.

Starmer and the entire political class are completely in the pockets of the industrial military complex.

They are warmongers and (have) been cheerleading for the NATO proxy war in Ukraine.

They've been supplying arms to Israel to enable genocide to be carried out against the Palestinian people.

And it's an absolute scandal that Starmer and Reeves are actually prioritizing an increase in military spending, when in reality, what we should be doing is investing in our public services, investing in our infrastructure, putting people back to work to eradicate poverty.

Chris Williamson, Former British MP

The government hopes to drag the UK out of the doldrums through a policy of tax and spending cuts, but without making major structural reforms to the economy, the country can expect more Neo liberal policies that have already caused so much suffering over the past half century.