Brits will end up being paid less after Labour's Budget, admits Rachel Reeves as she refuses to rule out MORE tax hikes and economists warn growth will be crushed record burden
Daily MailThis video is no longer available This video is no longer available Rachel Reeves admitted Brits will see lower wages as a result of her Budget mega-raid today - amid warnings she will be back for more. Rachel Reeves on a visit to a hospital in Coventry with Keir Starmer today after delivering her Budget The OBR said the Budget measures will take the tax burden to a record 38 per cent of GDP The OBR warned that interest rates are likely to stay high for longer due to the Budget The Budget tax hike rivals 1993's eyewatering revenue-raiser in the wake of Black Wednesday - and might be even bigger if measured at current prices rather than as a proportion of GDP Chancellor Rachel Reeves refused to rule out further rises as she toured broadcast studios this morning in the wake of her extraordinary £40billion raid Some 76 per cent of the total cost is expected to be felt through a combination of a squeeze on pay rises and increased prices. Dodging on whether there will need to be more tax rises, Ms Reeves told Times Radio: 'I'm not going to be able to write future budgets, but look, this was an exceptional Budget. Sir Keir defended the Budget alongside Ms Reeves today In the most Left-wing Budget for decades yesterday, the Chancellor pushed taxes to their highest level in history and relaxed government borrowing rules to finance a massive spending spree. In a warning to millions of 'working people', the economic watchdog predicted that the Chancellor's Budget measures would fuel inflation, push up mortgage rates and squeeze wages.