Increases in taxation for businesses and the wealthy form the heart of Labour’s first budget in 14 years

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Rachel Reeves has announced £40bn of tax rises on businesses and the rich as Labour’s first budget in 14 years sought to reverse more than a decade of decline in Britain’s public services.

After months of speculation since the party’s general election landslide victory, the chancellor revealed a sweeping package of tax increases she said would be vital for balancing the books and turning the page on austerity.