How significant are the chancellor's tax rises?published at 15:00 Greenwich Mean Time 30 October
By Anthony Reuben
Rachel Reeves started by saying that her Budget would raise taxes by £40bn.
To put that into context, it is a very large increase in taxes from a single Budget – the biggest ever in cash terms.
As a share of the size of the economy measured by GDP, it’s the biggest since Norman Lamont’s Budget in 1993.
The Institute for Fiscal Studies (IFS) says the announcements amount to just under 1.2% GDP and you can see in the chart below how big an increase that would be.