UK Chancellor of the Exchequer Rachel Reeves announces the government’s economic and fiscal priorities during the first budget by a female chancellor. Speaking in the House of Commons in London, Reeves unveiled £40 billion ($51.8 billion) of tax rises including an increase in the national insurance payroll tax for businesses and higher capital gains tax. She also hiked the capital gains tax rate on fund managers’ profits, known as carried interest, and pledged to end a system that offers tax breaks to the country’s wealthiest foreigners.
00:00:00 Introductory remarks: "national renewal"
00:00:28 Fiscal black hole; OBR forecasts for GDP
00:01:15 Increase in the minimum wage; fuel duty freeze
00:01:44 National Insurance tax hike; capital gains tax
00:02:26 Tax on carried interest; relief on retail, hospitality, leisure industries
00:02:56 "We will abolish the non-dom tax regime"; tax thresholds
00:03:39 Tax increases of £40 billion ($51.8 billion); defense spending
00:04:38 Affordable homes; green hydrogen projects; health spending
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