British Chancellor Rachel Reeves announced the latest budget on Wednesday, setting out sweeping tax hikes which are projected to raise 26.1 billion pounds ($34.4bn) for the public purse by 2030.

The budget had been highly anticipated as a “make or break” moment for the UK’s governing Labour party, which has grappled with poor polling over the past year. Earlier this year, an opinion poll by YouGov found that if an election were to be held now, the far-right Reform UK Party, which takes a hard line on immigration, would come to power.

In an embarrassing turn, the country’s Office for Budget Responsibility (OBR) published its economic outlook as a result of the budget on its website two hours before the announcement – something it never normally does until afterwards. Reeves called the

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