United Kingdom unveils budget with $52 billion in tax hikes

LONDON, U.K.: The UK's new Treasury chief, Rachel Reeves, unveiled a budget that includes 40 billion pounds (US$52 billion) in tax hikes to address a deficit in public finances and fund under-resourced public services, marking a significant shift in the country's economic policy.

Reeves, in her budget address, announced changes to the UK's debt rules to allow for increased borrowing, emphasizing a commitment to