Chancellor Rachel Reeves has set out her plans for the UK economy during her Spring Statement.
It came as the Office for Budget Responsibility (OBR) - which monitors the government's spending plans - unveiled its latest economic forecasts.
UK households are set to be £500 a year better off under the current Government, Reeves announced. According to the Office for Budget Responsibility (OBR), real household disposable income—the money families have left after bills and essential spending—is expected to rise by 2.2 per cent by 2029.
Reeves told Parliament that Labour’s fiscal approach “will mean more money in the pockets of working people and higher living standards,” adding: “This isn’t just about lines on a graph. It’s about improving people’s lives.”
During her speech, Reeves also confirmed the OBR has revised its forecast for the UK economy, halving the prediction from two per cent to one per cent.
However, the Chancellor told Parliament the effects of the fiscal policy from Labour “will mean real household disposable income will now grow this year at almost twice the rate expected in the autumn, compared to the forecast in the final budget delivered by the party opposite.”
In a bid to grow the economy, Reeves has announced various tax hikes and spending cuts throughout her time as Chancellor
GETTY
In a bid to grow the economy, Reeves has announced various tax hikes and spending cuts throughout her time as Chancellor. Among the key announcements today, Reeves confirmed that health-related Universal Credit for new claimants will be frozen until 2030, despite already being set to halve from April 2026.
The standard allowance will rise to £106 per week by 2030, down from the previously planned £107. For existing claimants, health-related payments will also be frozen.
From November 2026, PIP eligibility will tighten, and incapacity benefits will be frozen at £97 per week from April, with top-ups only for the most severe cases. Under-22s will also lose access to the incapacity top-up.
The announcements in the October Budget include the changes to inheritance tax (IHT) and capital gains tax (CGT), a boost to the minimum wage and the hike to National Insurance contributions for employers.
Politicians, campaigners and analysts are debating who the winners and losers of Rachel Reeves' announcements are.
GETTYPoliticians, campaigners and analysts are debating who the winners and losers of Rachel Reeves' announcements are.
However, how much are you in line to lose, or gain, from the Chancellor's agenda?
GB News has teamed up with tax and advisory firm Blick Rothenberg, providing a free online Budget 2024 calculator.
Simply fill out the relevant fields in the tool below, and find out whether you'll be better off or not.
Can't see the tax calculator? Click this link instead.
How will today's Spring Statement announcements affect you? If you'd like to share your views, email us at money@gbnews.uk.
