UK's Chancellor of the Exchequer Rachel Reeves introduced the country's budget earlier today, which implies GBP40 billion increase in taxes.
The biggest revenue raiser was a GBP25bn increase in employer National Insurance contributions. Also, Reeves announced increases to capital gains tax, inheritance tax, stamp duty, alcohol duty, tobacco duty, air passenger duty, and windfall tax on the profits of oil and gas firms.
The Office of Budget Responsibility (OBR) said the budget will boost long-term growth.
Reeves' budget introduction had little impact on markets' expectations of rate decreases by the Bank of England. According to Bloomberg, they continue to see a rate reduction in November as highly probable and an additional cut in December as roughly even.