Budget 2024 dwell: Rachel Reeves to ship speech right this moment as tax hikes and cuts anticipated | EUROtoday

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Keir Starmer refuses to rule out elevating nationwide insurance coverage contributions

Rachel Reeves will pledge to place “more pounds in people’s pockets” when she pronounces her first Budget on Wednesday.

After months of warning the general public of the “tough choices” forward, Ms Reeves is anticipated to vow to “invest, invest, invest” with a purpose to “fix public services”.

Reeves is anticipated to say in her speech right this moment: “My belief in Britain burns brighter than ever. And the prize on offer to today is immense.

“More pounds in people’s pockets. An NHS that is there when you need it. An economy that is growing, creating wealth and opportunity for all. Because that is the only way to improve living standards.

“And the only way to drive economic growth is to invest, invest, invest. There are no short cuts. To deliver that investment we must restore economic stability.”

The minimal wage will enhance to £12.21, the Treasury revealed on Tuesday night.

Ms Reeves has described the 6.7 per cent enhance as a “significant step” in the direction of making a “genuine living wage for working people” – though it falls in need of the £12.60 an hour sum really helpful by the Living Wage Foundation.

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We’ll be overlaying the finances dwell all day

The Independent can be bringing the newest updates on the Budget all through the day.

Labour’s first finances since March 2010 is ready to put out main adjustments to the UK’s taxation, borrowing, and spending commitments.

Here are some issues we would anticipate:

1. Tax rises. An enhance on elevate employer nationwide insurance coverage funds is considered one of quite a lot of taxes Labour may very well be set to extend. This additionally contains Inheritance Tax and the removing of the VAT exemption on personal colleges.

2. Borrowing. After an adjustment to fiscal guidelines, Reeves is anticipated to have as much as an additional £50bn of borrowing to put money into infrastructure constructing akin to roads, railways and hospitals.

3. Fuel obligation and winter gas funds. Ministers have already introduced plans to take away the winter gas cost from tens of millions of pensioners, as a substitute introducing a means-testing system. Ministers have additionally confronted calls to not enhance gas obligation.

4. Education. Rachel Reeves is believed to have put aside £1.4 billion for crumbling colleges, in a finances which she says will prioritise training and childcare. An additional £1.8 billion will broaden government-funded nursery care.

5. Health. Ms Reeves is anticipated to announce a funding deal for the NHS which matches far past inflation.

Stay with us for all the newest on Ms Reeves autumn finances.

Alex Croft30 October 2024 06:30

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Unions inform Reeves they anticipate large public sector pay rise in new yr regardless of £40bn Budget black gap

The Independent has been advised that union bosses have made it clear they anticipate huge public sector rises within the new yr “after 14 years of Tory austerity and wage constraint”.

It is one other headache for the chancellor who is anticipated to be pressured to usher in among the largest tax rises in historical past to cowl a £40bn black gap in Labour’s spending plans. Ms Reeves is anticipated to extend employers nationwide insurance coverage contributions and capital positive factors tax amongst a variety of measures.

David Maddox, Kate Devlin30 October 2024 06:00

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What is Labour’s controversial personal college VAT raid coverage?

The transfer has confronted ongoing backlash from the sector, together with over the disproportionate impression on already-stretched smaller, specialist colleges, in addition to the quick timescale concerned and fears of a mass exodus of pupils.

Alex Croft30 October 2024 05:02

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Martin Lewis points pension credit score warning to Rachel Reeves hours earlier than finances

The Martin Lewis Money Saving Show returned on Tuesday (29 October), and noticed the monetary guru take a query concerning the winter gas cost from a lady whose husband died simply two weeks in the past.

The girl needed to know if she could be eligible for pension credit score.

Mr Lewis stated: “You have to be on an income of under £11,400 to be eligible. It’s a very tight means test and is critically underclaimed.”

Mr Lewis then revealed he’ll host a finances particular of his present on Thursday and hopes the chancellor will be a part of him.

He warned: “I will be talking about winter fuel payment without you chancellor, so you may as well be here. It would be a lot better.”

Martin Lewis points pension credit score warning to Rachel Reeves hours earlier than finances

Martin Lewis has issued a pension credit score warning to chancellor Rachel Reeves simply hours earlier than the autumn UK finances. The Martin Lewis Money Saving Show returned on Tuesday (29 October), and noticed the monetary guru take a query concerning the winter gas cost from a lady whose husband died simply two weeks in the past. The girl needed to know if she could be eligible for pension credit score. Mr Lewis stated: “You have to be on an income of under £11,400 to be eligible. It’s a very tight means test and is critically underclaimed.” Mr Lewis then revealed he’ll host a finances particular of his present on Thursday and hopes the chancellor will be a part of him. He warned: “I will be talking about winter fuel payment without you chancellor, so you may as well be here. It would be a lot better.”

Alex Croft30 October 2024 04:00

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Five key issues set to be introduced in autumn 2024 finances

Five key issues set to be introduced in autumn 2024 finances

Alex Croft30 October 2024 03:01

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Full report: Rachel Reeves pledges to ‘invest, invest, invest’ as she prepares to unveil historic Labour Budget

In what is anticipated to be a Budget of record-breaking tax rises involving “tough choices” to “fix public services”, Ms Reeves will maintain out some hope with a rallying cry that she intends to “invest, invest, invest” to show the nation round.

The rhetoric seems to intentionally echo Tony Blair’s three priorities of “education, education, education” forward of the 1997 election as Ms Reeves makes an attempt to know the optimism of his New Labour authorities in what’s extensively anticipated to be a dismal Budget.

The Independent’s Political Editor David Maddox experiences:

David Maddox30 October 2024 02:00

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‘Serious concern’ amongst small enterprise house owners about Budget tax rises

Small enterprise house owners are “seriously concerned” by the potential of tax rises within the Budget on Wednesday.

Some concern they might want to lower their worker headcount, together with paraplanning enterprise proprietor Steve Luke, 56.

“I’m seriously concerned that if the Budget is as bad as I’m expecting then we may have to reduce the workforce from nine to seven or eight,” he advised PA.

Mr Luke says he’s involved the federal government is not going to view him as a “working person” within the Budget, as he takes a small wage from the enterprise whereas additionally paying himself a dividend resulting from fluctuating earnings.

Farmer and landlord Richard Payne, 61, who owns round 500 acres of land and rents 150-200 acres for wheat, barley, oilseed rape and canola farming, says he’s “extremely nervous”.

“Whilst I’m probably not going to be clobbered hard on national insurance contributions, because we don’t employ a huge number of people… I’m more worried about taxation on profit, if we make any, and also, in my case, losing agricultural property leave or business property relief on our assets,” he stated.

Joy Francis, 76, the proprietor of two nurseries and employer of twenty-two individuals, fears the rise on employer’s nationwide insurance coverage contributions.

“(The Government) just doesn’t seem to grasp the concept of small businesses being the backbone of the economy and we’re not all money-grabbing people with shareholders to pay.”

Alex Croft30 October 2024 01:00

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Chancellor should fund Scotland “immediately and significantly”, John Swinney says

Funding for Scotland should enhance “immediately and significantly” in Wednesday’s finances, first minister John Swinney has stated.

At a reception for enterprise leaders on Tuesday, Mr Swinney stated: “The Office for Budget Responsibility highlighted recently the potential for public investment to deliver permanent improvements in the economy.

“It is welcome that my calls for the Chancellor to amend her fiscal rules have been heard, with indications last week that there will be scope for greater investment.

“The Chancellor has the chance to choose to deliver a UK Budget that invests in our public services and supports the entrepreneurial spirit displayed in Scotland’s business sector.

“With these new rules in place, the Chancellor must use the fiscal headroom they create to deliver a Budget that immediately and significantly enhances Scotland’s resource and capital funding, enabling us to invest more in our public services and take forward the vital infrastructure projects that support economic growth, net zero, and action to tackle child poverty.”

The Scottish authorities just lately made greater than £500 million of in-year cuts, with Scotland’s funds in vital issue.

Mr Swinney has additionally known as for an Acorn carbon seize and storage facility within the north east of Scotland to be funded after it was neglected twice by successive UK governments.

Chancellor Rachel Reeves, left, with first minister John Swinney, right
Chancellor Rachel Reeves, left, with first minister John Swinney, proper ((Andrew Milligan/PA))

Alex Croft30 October 2024 00:02

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Daily Record: Axe 2-child cap if you wish to assist children

Scottish first minister John Swinney has known as on Rachel Reeves to make use of the Budget to scrap the two-child profit restrict, the Daily Record experiences.

Alex Croft29 October 2024 23:45

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Financial Times: UK borrowing prices hit post-election report on eve of Reeves’ first Budget

The Financial Times experiences that UK borrowing prices have hit a post-election report.

The markets are readying themselves for a tax hit as new borrowing is anticipated to prime £20 billion, the FT says.

Alex Croft29 October 2024 23:39

https://www.independent.co.uk/news/uk/politics/budget-time-today-2024-reeves-starmer-pmqs-latest-news-b2638016.html