In the first Labour Budget since 2010 - and the first ever delivered by a woman - Ms Reeves promised to "invest, invest, invest".
She promised billions of extra spending on schools and the National Health Service.
But she said the "black hole" left by the Conservatives requires tens of billions of additional taxes.
Ms Reeves claimed the scale of the public spending problems she inherited were worse than previously thought.
She said the £22bn "black hole" left by the Tories in this year's finances showed they "hid the reality of their public spending plans", with problems recurring in future years.
Ms Reeves also promised to set aside £11.8bn to compensate those affected by the infected blood scandal and £1.8bn to compensate victims of the Post Office Horizon scandal.
The Chancellor said: "Together, the black hole in our public finances this year, which recurs every year, the compensation payments which they did not fund and their failure to assess the scale of the challenges facing our public services means this Budget raises taxes by £40bn.
"Any Chancellor standing here today would face this reality. And any responsible Chancellor would take action.
This story is from the October 31, 2024 edition of Manchester Evening News.
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This story is from the October 31, 2024 edition of Manchester Evening News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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