Rachel Reeves’ bizarre speech has sent FTSE 100 tumbling as Brits brace for a Budget of tax rises. The London blue-chip index fell 75.50 points to at 9625.87 by 8.15am.
In a hint that tax increases are likely at the Budget, Rachel Reeves made clear that “we will all have to contribute” to repairing the public finances in an unusual speech from Downing Street on Tuesday.
The Chancellor said: “As I take my decisions on both tax and spend, I will do what is necessary to protect families from high inflation and interest rates, to protect our public services from a return to austerity and to ensure that the economy that we hand down to future generations is secure with debt under control. If we are to build the future of Britain together, we will all have to contribute to that effort.”
She added: “Each of us must do our bit for the security of our country and the brightness of its future.”
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