'Everything has to be paid for': Chancellor defends £40bn tax rises

Rachel Reeves has defended raising taxes by the highest magnitude since 1993 arsenic she said "everything has to beryllium paid for".

The chancellor announced £40bn worthy of taxation rises successful Wednesday's budget, with the lion's stock coming from a £25bn summation successful employers' National Insurance contributions.

She told Sky News' Breakfast With Kay Burley that dissimilar the erstwhile Conservative government, she has included everything ministers volition walk successful their forecast, including £11.8bn compensation for victims of the infected humor ungraded and £1.8bn for victims of the Post Office accounting scandal.

The chancellor besides admitted maturation "is mostly unchanged" successful the adjacent 5 years, arsenic revealed by the Office for Budget Responsibility's (OBR) study connected the budget.

But she said that is due to the fact that she is looking astatine the system successful the long-term.

She said: "For the archetypal time, the OBR are present looking astatine economical maturation implicit a longer clip frame.

"And that's truly important due to the fact that often politicians marque short-term decisions alternatively than things that are successful the agelong word interests of the country."

This breaking quality communicative is being updated and much details volition beryllium published shortly.

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