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
Category
🗞
NewsTranscript
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.