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Rachel Reeves, the Chancellor of the Exchequer, repeatedly mentioning an inherited ‘£22 billion black hole’, raised taxes by £40 billion in the Budget, while saying she was abiding by Labour’s manifesto promise not to increase taxes on ‘working people’. A big hit came from increasing employers’ contributions to national insurance; the threshold at which it begins to be paid was reduced from £9,100 to £5,000.
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