The British Treasury chief, Rachel Reeves, is set to announce a major budget plan that includes a staggering $51 billion (or 40 billion pounds) in tax increases. This is her first budget since the Labour Party took power in July. Reeves believes these tax hikes are necessary to fill what she calls an "economic black hole" left by the previous Conservative government.

In her speech to lawmakers, Reeves said she is committed to "invest, invest, invest" in the country’s future, aiming to st...