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Rachel Reeves has announced an eyewatering £26billion tax raid in just her second Budget since becoming Britain’s first female Chancellor.
The Chancellor is hoping to raise £8.3billion by freezing income tax thresholds for another three years until the 2030/31 financial year.
The Office for Budget Responsibility confirmed the overall levy increases will take Britain’s tax burden to a new all-time high of 38.3 per cent of GDP by 2031.
Defending her manifesto-busting Budget, Ms Reeves told MPs: “Today’s Budget builds on the choices we have made since last July to cut NHS waiting lists, to cut the cost of living, and to cut the debt and borrowing.
“No doubt, we will face opposition again. But I have yet to see a credible, or a fairer alternative plan for working people. These are my choices – the right choices for a fairer, a stronger, and a more secure Britain.”
However, Ms Reeves rose to her feet just moments after the OBR appeared to accidentally publish its bombshell document 30 minutes early.
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