British finance minister Rachel Reeves, chancellor of the exchequer and a member of the United Kingdom’s Labour Party, has delivered the party’s first budget in nearly 15 years, pledging to mobilize £70 billion ($90.9 billion) of investment through the newly created National Wealth Fund (NWF) to spur investment in infrastructure.
“We are confirming our plans to capitalize the National Wealth Fund to invest in the industries of the future, from gigafactories, to ports to green hydrogen,” said Reeves.
With the ambitious investment plan comes £40 billion ($51.9 billion) of tax increases, according to the budget plan. One move that is expected to be one of the biggest revenue-raisers for the U.K. Treasury, according to CNBC, is a hike in the amount employers pay out in National Insurance, or a tax on earnings. Re
