Reeves says Budget will increase taxes by £40bn

ODN

Chancellor Rachel Reeves announced a £40 billion tax rise in the Commons, blaming Conservative mismanagement for the financial "black hole" facing the UK. She criticised the Conservatives’ failure to acknowledge past mistakes, stating, “This is a changed Labour Party, and we will restore stability.” Reeves pledged to rebuild public services, calling the Budget a step toward restoring stability and responsibility to the nation’s finances. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

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00:00The leadership campaign for the party opposite has now been going on for over three months.

00:04But in all that time, not one single apology for what they did to our country.

00:14Because the Conservative party has not changed.

00:17But this is a changed Labour party and we will restore stability to our country once

00:23again.

00:25The scale and seriousness of the situation that we have inherited cannot be underestimated.

00:31Together, the hole in our public finances this year, which recurs every year, the compensation

00:38schemes that they did not fund and their failure to assess the scale of the challenges facing

00:44our public services means that this Budget raises taxes by £40 billion.

00:50Any Chancellor standing here today would have to face this reality.

00:57And any responsible Chancellor would take action.

01:03That is why today, I am restoring stability to our public finances and rebuilding our

01:08public services.

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