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flag UK Chancellor Rachel Reeves to raise taxes breaking promise due to poor economic outlook.

flag UK Chancellor Rachel Reeves announced she will raise taxes in the November 26 budget, breaking a campaign promise, after assessing the economy as worse than expected. flag In a pre-budget speech, she cited high public debt, weak growth, and global pressures as reasons for tough fiscal decisions, including potential income or sales tax increases. flag Reeves emphasized the need for shared sacrifice to stabilize finances and invest in long-term growth, warning of ongoing economic challenges despite Labour’s July 2024 election victory.

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