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The Financial Times describes it as a “spend now, tax later Budget” that aims to drag the economy out of the Covid crisis by boosting business investment before introducing the largest tax rises on companies and households for a generation. The paper says Mr Sunak is the first chancellor to raise corporation taxes since Labour’s Denis Healey in 1974.

Financial Times Front Page 1st of July 2025

A diluted welfare plan would halve personal savings while thrusting 150,000 people into worsening hardship, triggering internal party rifts, a potential government rebellion led by Starmer, a looming £4bn deficit and growing calls for possible tax hikes—all of which place mounting pressure on the PM.

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