Rachel Reeves Promises To 'Invest Invest Invest' As She Prepares For Massive Budget Tax Hikes

Rachel Reeves will pledge to “invest invest invest” in public services as she unveils huge tax rises in the Budget.

The country’s first ever female chancellor will announce increases to inheritance tax, capital gains tax and employers’ National Insurance as she seeks to raise £40 billion to fill the “black hole” she says Labour was left by the Conservatives.

Income tax thresholds are also set to be frozen once again, dragging millions of workers into higher tax bands.

But the national minimum wage will go up by nearly 7% as Reeves promises to put “more pounds in people’s pockets”.

The chancellor has already confirmed changes to the government debt rules which will allow her to borrow an extra £50 billion to boost the Treasury’s coffers.

The NHS is expected to be one of the biggest Budget winners, receiving billions of pounds of extra investment to meet Labour’s pledge to bring down waiting lists.

More money will also be made available to build more homes and rebuild crumbling schools.

However, there will also be a crackdown on welfare fraud in an attempt to slash £3 billion from the benefits bill.

The chancellor is expected to say: “My belief in Britain burns brighter than ever. And the prize on offer to today is immense.

“More pounds in people’s pockets. An NHS that is there when you need it. An economy that is growing, creating wealth and opportunity for all. Because that is the only way to improve living standards. 

“And the only way to drive economic growth is to invest, invest, invest. There are no shortcuts. To deliver that investment we must restore economic stability.” 

The chancellor is expected to confirm there will be no return to Tory-era austerity, with billions of pounds more being spent prioritising economic stability, investment and reform.

She will also say: “This is not the first time that it has fallen to the Labour Party to rebuild Britain.

“In 1945, it was the Labour Party that rebuilt our country out of the rubble of the Second World War. In 1964, it was the Labour Party that rebuilt Britain with the white heat of technology. And in 1997, it was the Labour Party that rebuilt our schools and hospitals.

“Today, it falls to this Labour Party, this Labour government, to rebuild Britain once again.”