Chancellor Rachel Reeves is unveiling Labour’s first Budget in almost 15 years today, laying out new spending pledges alongside long-promised “difficult decisions” over tax hikes and departmental spending plans that could define the years to come.
The Budget is a crucial moment for the government to set out its economic vision, with Reeves speaking in Parliament following Prime Minister’s Questions, and the Treasury publishing accompanying documents on the small print.
Fixing the health service, “rebuilding Britain” and “protecting working people’s payslips” are anticipated to be at the heart of the Budget.
Rachel Reeves is expected to reflect on tough decisions in the Budget, made to restore economic stability, and will say: “This is not the first time that it has fallen to the Labour Party to rebuild Britain.”
The package of measures is anticipated to generate as much as £35bn through a range of tax hikes, including an increase in employers’ national insurance contributions and increases in capital gains and inheritance tax. A continued freeze of income tax thresholds is also expected.
Many Budget measures were announced, briefed and leaked in the lead-up, including a 6.7% minimum wage hike, £1.5bn for NHS surgical hubs, £240m in employment support services, an extended but higher £3 bus fare cap next year, and a change in fiscal rules to free up more borrowing to fund investment.
Reeves will also make history as the first woman to deliver the Budget. Refresh this page for the latest updates from the House of Commons and from across the Labour movement – we will add a live stream here as soon as one is available.
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