Will the UK Labour budget help grow the economy?

It is a big budget and a big political moment for the United Kingdom’s governing Labour Party.

The British finance minister has announced eye-watering tax hikes with businesses and the wealthy bearing the brunt.

Rachel Reeves has also gone big on borrowing and spending.

Reeves says the measures are aimed at improving the public sector, boosting investment and laying the foundations for higher growth.

Prime Minister Keir Starmer says the plan will be painful now but will deliver better days in the future.

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