Britain's chancellor Rachel Reeves reveals £40bn in tax rises as she promises to rebuild public services

Reeves said the 'difficult' tax-raising choices were required to stabilise the public finances after receiving a dire economic inheritance from the Conservatives

Britain's chancellor of the exchequer Rachel Reeves said she would stand by a manifesto pledge not to increase taxes on working people. Picture: Reuters/Isabel Infantes

Britain's chancellor of the exchequer Rachel Reeves has announced £40bn (€47.9bn) of tax rises on businesses and the rich as Labour’s first budget in 15 years sought to reverse more than a decade of decline in Britain’s public services.

After months of speculation since the party’s general election landslide victory, the chancellor revealed a sweeping package of tax increases she said would be vital to balance the books and turn the page on austerity.