UK Finance Minister Rachel Reeves announced a new budget that includes more taxes for ordinary workers but higher government spending on social welfare programmes. The new plan will raise the government’s tax take to a post-war high of 38% of GDP by 2031, according to the Office for Budget Responsibility (OBR). It will give the government greater room to meet its deficit-reduction targets – prompting investors to buy long-dated government bonds, sending yields sharply lower.
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