Labour's high tax plan may not mean economic growth

On 30 October 2024, the Chancellor of the Exchequer, Rachel Reeves, presented the 2024 Autumn Budget to Parliament, introducing a series of tax changes projected to generate an additional £36.2 billion. This may represent the Labour Party adopting a flawed approach to national economic growth that ultimately harms the economy. While an increase in tax revenue can result from raising tax rates, it does not equate to economic growth.