Rachel Reeves announces £40bn tax increase in UK Budget

UK chancellor Rachel Reeves has announced a £40bn tax increase, the biggest in a generation, with business bearing the brunt of a Budget she said would fix Britain’s “broken” public finances and public services.

The massive tax rise, which will fund a big increase in spending on the NHS and schools, will take Britain’s tax burden to a record high. It was accompanied by a planned £100bn rise in capital spending — funded by extra borrowing — over the parliament.

“These choices…