UK Treasury Chief Presents Ruling Labour Party Government's First Budget

British Treasury chief Rachel Reeves told lawmakers Wednesday that taxes will rise by 40 billion pounds ($52 billion) in order to plug a hole in the public finances and provide new funding for the U.K.'s cash-starved public services, in a wide-ranging budget statement that could set the tone for years to come.

In the Labour Party's first budget since returning to power earlier this year after 14 years in opposition, Reeves said she was also changing the U.K.'s rules so the government can “invest, invest, invest” and get the economy growing.

Her biggest cash commitment was an additional 25 billion pounds ($32 billion) for the country's cherished National Health Service, which has seen waiting lists rise to record levels in the wake of the coronavirus pandemic.