UK's Labour government is set to unveil a budget featuring significant tax increases and public spending, with expectations of raising between £20 billion and £36 billion for 2025-2026. Key measures may include changes to National Insurance contributions, capital gains tax, and the introduction of VAT on private school fees. Finance Minister Rachel Reeves aims to shift fiscal rules to allow for increased investment while avoiding austerity, as the government seeks to balance public investment with fiscal responsibility.
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