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United Kingdom's budget increased taxes by 40 billion British pounds this year, with the British pound exchange rates showing a slight decline, reflecting caution.
United Kingdom's newly appointed Chancellor of the Exchequer Rifes announced the largest tax increase in thirty years in her first budget, accusing the previous Conservative government of undermining the country's public services. She also paved the way for increasing borrowing to raise funds for long-term investment to accelerate the pace of economic development in the United Kingdom. Since the global financial crisis of 2007-09, the British economy has been growing slowly, and subsequently faced shocks such as Brexit, the COVID-19 pandemic, and soaring energy prices. However, Rifes, a former economist at the Bank of England, emphasized that she would not allow public debt to balloon, mentioning the tax cuts without funding support proposed by former Conservative Prime Minister Tlass in 2022.
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