More taxes, higher spending: A closer look at Britain's new budget

UK Finance Minister Rachel Reeves has announced a new budget that includes more taxes for ordinary workers, but higher government spending on social welfare programmes. The new plan will raise the government's tax take to a post-war high of 38 percent of GDP by 2031, according to the Office for Budget Responsibility (OBR). It will give the government greater room to meet its deficit-reduction targets – prompting investors to buy long-dated government bonds, sending yields sharply lower. We take a closer look.