Part 3/11:
In an effort to address this shortfall, Rachel Reeves, tasked with overseeing the October budget, introduced a series of tax hikes—the most considerable increase since 1993—with the aim of raising an additional £40 billion. This action was designed to not only cover the initial £22 billion shortfall but to also bolster public finances overall. At first glance, these measures seemed promising, suggesting that a financial recovery was on the horizon.