Labour finance chief Rachel Reeves has been accused of backtracking on pre-election promises The UK’s Labour government will likely need to raise taxes in its new budget, Chancellor of the Exchequer Rachel Reeves has said. Her Conservative predecessor, Jeremy Hunt, claimed the move would be “the biggest betrayal in history by a new chancellor.” Reeves took over as the country’s chief financial minister after Labour won a resounding victory in the general election earlier this month. She warned in Parliament on Monday that the previous 14 years of Tory rule had left the UK’s finances £22 billion ($28 billion) over
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