Britain’s Chancellor of the Exchequer Rachel Reeves announced today a “tax increase of £40bn” (€48bn) as he presented the new government’s first budget Workersblaming a “hole” in public finances inherited from the previous Conservative government.

Among these tax increases, Reeves mainly announced an increase in employers’ contributions, the rate of which will rise to 15% and the minimum threshold at which the contribution starts to be reduced, which is estimated to bring in an additional 25 billion in revenue . sterling per year until the end of the legislative period, as he specified.

The finance minister also predicts an increase in capital gains taxes with the highest rate reaching 24%, but assures that the United Kingdom “it will always have the lowest capital gains tax of all the Group of Seven (G7) European economies.”

“The only way to improve living standards and increase economic growth is investment, investment, investment,” Reeves said, adding that the country needed to “restore economic stability and turn the page after 14 years” of Conservative governments. .

Reeves also announced that the OBR has improved its forecast for growth in the UK economy over the next few years, forecasting GDP growth of 1.1% this year (up from 0.8% previously forecast) and 2% growth next year. (versus 1.9% previously).