UK's biggest tax increase in more than 30 years...Increased taxes on the rich and increased public investment

Britain's Labor government has announced in its first budget since the general election that it will impose the largest tax increase in more than 30 years for businesses and wealthy people.

British Finance Minister Rachel Reeves announced tax increases and investment plans worth 40 billion pounds a year, about 71.5 trillion won, in a speech to parliament.Treasury Secretary

Leaves said he inherited deteriorating finances and public services from his predecessor Conservative government, adding that he would "restore financial stability and rebuild public services" in the budget.

"Investment is the only way to drive economic growth," he said, stressing that he would spend tax revenue and borrowing on public investment.

According to Reuters, the think tank's financial research institute said the £40 billion tax increase, or 1.25% of gross domestic product and GDP, was the largest in more than 30 years since the Conservative government in 1993.

Most of the tax increases were targeted at companies and the wealthy.

The UK government has decided to lower the salary threshold for companies to pay national insurance charges on workers' salaries from the new fiscal year, which begins in April next year, and to raise the levy by 1.2 percentage points to 15% of their salaries.

It also plans to raise taxes on trading profits for private equity managers from 28% to up to 32% and raise capital gains taxes on individuals selling stocks and other assets to up to 24%.

In addition, the inheritance pension, which is not currently subject to inheritance tax, will be included in the taxation from 2027 and additional tax revenue will be secured by adjusting inheritance tax, such as reducing inheritance tax reduction benefits for farms.Treasurer
Reeves said he would make investments worth 70 billion pounds and 125.1 trillion won through the recently established sovereign wealth fund.