Rishi Sunak's £65bn budget tax increases are highest in 28 years

Chancellor launches raid on household incomes and company profits in Tory U-turn

Rishi Sunak has announced the highest tax increases since Norman Lamont 28 years ago with a 65bn raid on household incomes and company profits.

In a budget that reversed more than a decade of tax cuts by successive Tory governments and was even tougher than George Osborne's post 2010-election austerity package, the chancellor announced tough action to reduce government borrowing.