Nigel Farage has laid into Labour and its MPs after today's "dismal" Budget in a stinging address to Parliament this evening.
After a warm opening in his address to the Commons, the Reform UK leader quickly turned to aim a barb at Diane Abbott, saying: "I sat listening to the numbers thinking that this Budget is economically illiterate.
"I do not know who is doing the sums - perhaps it is the Member for Hackney North and Stoke Newington - but the sums do not work."
He also joined Robert Jenrick in mocking Labour's new Office for Value for Money chief David Goldstone, who served on the HS2 board for years - the "very opposite of value for money," he said.
After an attempt at raising a point of order by Labour's Matt Western was cast aside by the Deputy Speaker, Farage retorted: "Nice try! I was just gently teasing."
Then, the Clacton MP took a swipe at Rachel Reeves, saying: "She is now going to be the fund manager of the nation, investing money and trying to pick winners.
"I would suggest that the last time Governments attempted to invest money and pick winners, back in the 1970s, it ended very badly indeed."
Another Labour MP, Sarah Owen, then questioned whether Farage would prefer "investment from maybe the Russian government" - which was met with a swift rebuttal by the Brexit heavyweight.
He said: "Maybe one or two Members of the House ought simply to grow up, but there we are. It's a bit sad. I have worked in private business, and I do think picking winners is wrong."
After Farage accused Business Secretary Jonathan Reynolds of "never even having a job", another Labour backbencher - this time, Nesil Caliskan, asked: "Have you ever had a job?"
But in yet another sharp-tongued reply, Farage said: "I have had plenty of jobs - well, apart from being in the European Parliament, which doesn't really count, obviously."
But he rounded off his address with a dire warning, telling MPs: "We are in much deeper trouble than anybody on either Front Bench dares to admit. That is a reality we should all face.
"We have a Labour party that could not define what a woman is or what a working person is, and after today I am pretty convinced that it cannot define what economic growth is."
But Farage did acknowledge a few positives in Rachel Reeves's Budget.
He joked: "The big one is, of course, the 1p off a pint of draught beer. I have worked out that it will save me over £1 a week!"
THIS LIVE BLOG HAS NOW CLOSED. CHECK BACK TOMORROW FOR MORE LIVE UPDATES THROUGHOUT THE DAY...
Labour Defence Secretary arrives at No10 WITHOUT a poppy just days after launching appeal
Healey had sported a poppy on his lapel on Tuesday - but smiled as he went without one on Budget dayPADefence Secretary John Healey has been pictured not wearing a poppy in Downing Street - despite calling on the public to "honour and remember" Britain's war dead just one day earlier.
Though Healey also urged the public to support their local poppy appeal today, he was seen walking towards No10 with no poppy on his lapel as he attended a pre-Budget Cabinet meeting this morning.
GB News was told that the Defence Secretary had changed his jacket to one without a poppy "just before a meeting" at Downing Street.
Rachel Reeves accused of BREAKING manifesto promises in scathing snap assessment - 'Working people will pay'
The Chancellor's record-breaking £40billion worth of tax rises would mostly be covered by working people, Paul Johnson warned
PA
Chancellor Rachel Reeves broke Labour's manifesto commitment by raising taxes on working people, a leading think tank chief has claimed.
Paul Johnson, the director of influential think tank the Institute for Fiscal Studies, warned the Chancellor's record-breaking £40billion worth of tax rises would mostly be covered by working people.
Addressing Labour's increase on employer National Insurance Contributions, Johnson said: “The OBR suggests that three quarters of the impact of employer NICs will be felt by employees, even if the changes don’t show up on payslips.
“Indeed, these tax rises partly explain why the OBR has downgraded its projections for real household income growth over the next few years.
“Somebody will pay for the higher taxes – largely working people. The employer NICs rise will further increase the incentive for employers to switch to contracting with the self-employed.”
Jenrick in furious response to 'gloom and bust' Budget
"We are being trolled," Jenrick lamented
X/ROBERTJENRICK
Robert Jenrick has torn into Labour's Budget with just one day left to go until voting ends in the Tory leadership contest.
After sharing the above image of Gordon Brown and Rachel Reeves - with the latter's Budget referred to as a symbol of "gloom and bust", Jenrick launched into a furious put-down of the party's economic plans.
Writing on social media, Jenrick said: "They have increased the cost of capital. But say they want investment.
"They have increased the cost employing workers. But say they want more jobs.
"They have said they want value for money. But appointed the head of HS2 to run the new office of value for money.
"We are being trolled," he lamented.
Reeves admits Labour 'does not want to repeat' Budget - yet STILL manages 'fiction' swipe at Tories
Rachel Reeves has admitted today's Budget "is not the sort we would want to repeat" in the aftermath of her £40billion-valued raft of tax rises.
Speaking to the BBC after a day of tax raids, the Chancellor said: "This is not the sort of Budget we would want to repeat, but this is the Budget that is needed to wipe the slate clean... under the fiction of previous plans.
She told the broadcaster that Labour had to take these decisions "to put the economy on a firm footing".
"We're fixing the foundations and ensuring that businesses and families can look ahead and plan for the future with confidence," she said.
Sunak: 'There's always a tweet'
There’s always a tweet. https://t.co/NDryG28ITS
— Rishi Sunak (@RishiSunak) October 30, 2024
Rishi Sunak has taken a final swipe at his Labour opponents following today's Budget.
Just days before the General Election, Sunak had explicitly warned that a Starmer-led Government would raise Britons' taxes - which had been met with Labour denials at the time.
After today's tax-raising Budget, the ex-PM has directed his social media followers back to his original warning.
"There's always a tweet," he jabbed.
Clarkson joins Rupert Lowe in scathing condemnation of Labour's attack on farmers - 'You have been SHAFTED!'
The ex-Top Gear star joined Lowe's Labour pile-on
PA
Jeremy Clarkson and Rupert Lowe have lashed out at Labour's raid on inheritance tax relief for farms after today's Budget.
Rachel Reeves had capped the relief at £1million on British farms - which has been labelled "disastrous" by the National Farmers' Union.
But now, agricultural advocates Lowe and Clarkson have ripped into the Chancellor's plans.
The Reform UK MP for Great Yarmouth wrote: "Labour setting the inheritance threshold at £1million is a blatant attack on British farmers.
"It will force countless farming families to sell after a death, against their wishes - ruining continuity and heritage.
"Do they understand what they've done? Irreversible damage."
While Clarkson piled on, writing: "Farmers: I know that you have been shafted today.
"But please don't despair. Just look after yourselves for five short years and this shower will be gone."
Reeves confirms £40bn in tax rises - as Britain's growth forecast DOWNGRADED and mortgage costs RISE
Rachel Reeves has finally confirmed she will raise £40billion in taxes in her first Budget since becoming Britain's first female Chancellor.
Speaking to MPs in the House of Commons, the Chancellor of the Exchequer 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 £40billion."
However, Reeves was dealt a hammer blow as the Office for Budget Responsibility announced a series of growth downgrades moments before her Budget.
The OBR upgraded Britain's growth rate by 0.4 per cent across 2024 and 2025.
However, the quango forecasts a reduced rate of 0.9 per cent between 2026 and 2028.
The OBR also projects mortgage rates to rise just months after suffering a hike following Liz Truss' disastrous mini-budget in 2022.
Reeves' £40billion tax raid also ensures that Labour's first Budget in 14-years contains the biggest levy-raising raid in cash terms since 1970.
It takes Reeves marginally ahead of Norman Lamont's £38.5billion raid in 1993.
Reeves' £40billion figure is also significantly higher than Rishi Sunak's £31.3billion in 2021 and George Osborne's £14.9billion in 2010.
Martin Lewis unveils child benefit overhaul in Budget 'no one spotted' as thousands to lose relief
Martin Lewis
PAMartin Lewis has slammed Labour's decision to reverse the previous Government's reform to the high-income child benefit charge (HICBC) which could cost families hundreds of pounds.
Reacting to Chancellor Rachel Reeves's Autumn Budget, the money saving expert described the reform as "unfair" and claimed it could "penalise" single parent households.
The current child benefit system provides financial support to parents and guardians. For the 2024/25 tax year, payments are £25.60 per week for the eldest or only child and £16.95 for each additional child.
Borrowing costs hit 11-month high after Reeves breaks Budget tax raid record
The cost of borrowing has surged after Rachel Reeves announced plans to ramp up public spending by £70billion and increase taxes by an eyewatering £40billion.
The yield on 10-year government bonds rose by nine basis points to 4.41 per cent.
Such a rise puts yields on track for their highest close since November.
Shorter-dated two-year gilt yields also surged by as much as 12 basis points to 4.38 per cent after the Budget.
Sanjay Raja, chief UK economist at Deutsche Bank, said that the data showed that “markets will have to grapple with higher borrowing”.
He added: "With public spending pressures only likely to increase from here, the Chancellor will be walking a tight rope between even more tax hikes and/or cuts to spending to ensure she does not fall foul of her newly designed fiscal charter."
Budget 2024 in FULL: All the crippling tax and borrowing measures unveiled Rachel Reeves
Rachel Reeves has looked to plug a £22billion black hole with a series of tax increases.
GB News has broken down all the levy increases and spending commitments: from the triple lock to Universal Credit and National Insurance to Capital Gains.
Labour increases day-to-day NHS spending by £22.6billion
Rachel Reeves has increased day-to-day health spending by a staggering £22.6billion after slamming the Tories for its record on the NHS.
The Chancellor is also pledging £5billion to house building investment and confirmed fresh funding to complete HS2.
Public 'disgusted by Labour MPs whooping and cheering' £40billion tax raid
PA
The public will be "disgusted" by Labour MPs "whooping and cheering" Rachel Reeves' £40billion tax raid, a leading think tank chief has claimed.
John O’Connell, chief executive of the TaxPayers' Alliance, said: “We were consistently told that there was no need for big tax hikes because of a focus on growth, so taxpayers will be disgusted by the whoops and cheers of Labour MPs celebrating the fact that Rachel Reeves has just condemned the country to a record high tax burden.
“Given wider global uncertainties the stakes are incredibly high, yet we’ve doubled down on disastrous managerialism and decline.
"That means growth will flatline over the next five years, which is unsurprising given the assault on aspiration and wealth creation we’ve just witnessed.
“If the Government ever wants to regain the trust of taxpayers it will need to rapidly find a way to halt the growing tax burden.”
Davey urges Starmer to end 'dithering and delay' for more NHS investment
Liberal Democrat leader Sir Ed Davey has urged Sir Keir Starmer to end the "dither and delay" to ensure more investment in the NHS.
In a social media post, Davey said: "I’m glad that the Chancellor has listened to Lib Dem calls for more investment in the NHS to start repairing all the damage done to local health services by the Conservatives.
"But the Government is still ignoring the elephant in the NHS waiting room: the crisis in social care.
"I urge the Government to end the dither and delay and begin cross-party talks on social care now.
"Liberal Democrats will now hold the Government to account on delivering its promises so people can see a GP or dentist when they need to."
State pension 'guaranteed' to be taxed in TWO YEARS - damming Budget analysis
Pensioners are "guaranteed" to be taxed on their state pension alone for the first time in a couple of years, according to damning analysis from a former Government minister.
Steve Webb, a partner at LCP, is warning that the full, new state pension will exceed the current tax-free allowance by 2027.
During her Autumn Budget, Chancellor Rachel Reeves reiterated Labour's commitment to the triple lock and confirmed state pensions will rise by 4.1 per cent in April 2025 to £230.25 per week
Farage takes swipe at Abbott after Reeves' 'economically illiterate' Budget
Reform UK leader Nigel Farage has taken a swipe just minutes after Rachel Reeves concluded her maiden Budget.
In a social media post, Farage said: "The Budget was politically clever but economically illiterate. Perhaps the Rt Hon Member for Hackney North was helping out with the sums?"
Sunak blasts Labour for record-breaking tax raid - 'Wiping the floor with Reeves!'
Rishi Sunak has been lauded for "wiping the floor" with Rachel Reeves after the Chancellor for her record-breaking £40billion tax raid.
The Leader of the Opposition, who is being replaced next week, said: “This is the truth: They have fiddled the figures, they have raised tax to record levels.
“They have broken their promises and it is the working people of this country that are going to pay the price.
“The Chancellor and Prime Minister have tried to say that they had no choice but be in no doubt, their misleading claims about the state of the economy are nothing but a cynical political device.”
Just before concluding his blistering analysis, a backbench Tory MP was heard saying: "He's wiping the floor with Rachel!"
Sunak slams Reeves after accusing Labour of 'fiddling' fiscal rules and 'breaking' manifesto commitment on NICs
Rishi Sunak has slammed Chancellor Rachel Reeves over her tax-raising maiden Budget as he claimed Labour has broken its manifesto pledge by hiking employers' National Insurance contributions.
Speaking at the despatch box for the final time as Leader of the Opposition, the former Prime Minister said: “On the day that he took office, the Prime Minister said that he wanted to restore trust to British politics with action, not words.
“Today his actions speak for themselves with a Budget that contains broken promise after broken promise and reveals the simple truth that the Prime Minister and the Chancellor have not been straight with the British people.
“Time and again we Conservatives warned Labour would tax, borrow and spend far beyond what they were telling the country and time and again they denied they had such plans.
“But today the truth has come out, proof that they planned to do this all along because today’s Budget sees the fiscal rules fiddled, borrowing increased by billions of pounds, inflation-busting handouts for the trade unions, Britain’s poorest pensioners squeezed, welfare spending out of control and a spree of tax rises they promised the working people of this country they would not do.”
Reeves concludes 80-minute Budget speech by defending 'responsible' choices
Rachel Reeves has concluded her 80-minute maiden Budget by defending her "responsible" fiscal choices.
She said: “This is a moment of fundamental choice for Britain. I have made my choices. The responsible choices.
“To restore stability to our country. To protect working people. More teachers in our schools. More appointments in our NHS. More homes being built. Fixing the foundations of our economy. Investing in our future. Delivering change. Rebuilding Britain.
“We on these benches commend those choices and I commend this Statement to the House.”
Reeves ends FREEZE on income tax thresholds - 'It would hurt working people!'
Chancellor Rachel Reeves has ended a freeze on income tax thresholds after warning it would "hurt" working people.
Speaking to MPs in the House of Commons, Reeves said: “The previous Government froze income tax and National Insurance thresholds in 2021 and then they did so again after the mini-Budget.
“Extending their threshold freeze for a further two years raises billions of pounds. Money to deal with the black hole in our public finances and repair our public services.
“Having considered the issue closely I have come to the conclusion that extending the threshold freeze would hurt working people. It would take more money out of their payslips.
“I am keeping every single promise on tax that I made in our manifesto. So there will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous Government.
“From 2028-29, personal tax thresholds will be uprated in line with inflation once again. When it comes to choices on tax, this Government chooses to protect working people every single time.”
Alcohol Duty to be CUT on draught beer in surprise Budget announcement
Rachel Reeves has announced she will be cutting the duty on draught beer cut by 1.7 per cent.
The Chancellor made the announcement in her Budget in the Commons saying it would lead to a "penny off the pints at the pubs".
However, the alcohol levy on non-draught products will increase in line with RPI from February next year.
Labour launches stamp duty raid minutes after Reeves axes non-dom status
Chancellor Rachel Reeves has announced a stamp duty surge on second homeowners after axing the non-dom status.
Speaking about stamp duty on second homebuyers, Reeves said: “We are increasing the stamp-duty land tax surcharge for second-homes known as the ‘Higher Rate for Additional Dwellings’ by two percentage points, to five per cent, which will come into effect from tomorrow.
“This will support over 130,000 additional transactions from people buying their first home, or moving home over, the next five years.”
Addressing the non-dom status change, the Chancellor added: “Today, I can confirm we will abolish the non-dom tax regime and remove the outdated concept of domicile from the tax system from April 2025.”
Rachel Reeves announces 3 major changes to Inheritance Tax in Budget
Rachel Reeves has announced that the inheritance tax personal allowance threshold will be extended until 2030.
She has also announced that inherited pensions will now be included in inheritance tax. Finally, she will reform agricultural and business relief from April 2026.
The changes to inheritance tax could raise billions as Reeves attempts to plug the £22bn black hole in the public's finances.
Reeves takes veiled swipe at Sunak as Labour announce £450 levy on private jet passengers
Rachel Reeves has taken a veiled swipe at outgoing Tory leader Rishi Sunak after the Chancellor confirmed Labour will whack a £450 levy on private jet passengers.
The increase represents a 50 per cent passenger duty on private jet flights.
In reference to Sunak's travel preferences, Reeves said: “Air passenger duty has not kept up with inflation in recent years, so we are introducing an adjustment meaning an increase of no more than £2 for an economy class short-haul flight.
“But I am taking a different approach when it comes to private jets, increasing the rate of air passenger duty by a further 50pc.
“That is equivalent to £450 per passenger for a private jet to, say, California?”
Sunak appeared unphased by the remark, instead trawling through the numbers alongside Shadow Chancellor Jeremy Hunt.
Capital gains tax rate raised to 24% in Budget shock for investors
Chancellor Rachel Reeves has confirmed a significant increase in capital gains tax (CGT) rates for shares and other assets in her Budget today.
The main rate of CGT, which covers shares and various assets, will rise by several percentage points from its current 10 per cent and 20 per cent levels to 20 per cent to 24 per cent for those basic and higher rate taxpayers, respectively.
However, the Chancellor has opted to maintain the existing rates for residential property at 18 per cent and 28 per cent.
The levy is a tax on the profit when you sell, or dispose, of something an that has increased in value. The gain someone makes is taxed, not the amount of money they get.
National Insurance rate to RISE to 15% next year in Budget blow
Chancellor Rachel Reeves has confirmed employers will pay more in National Insurance (NI) from next year.
Slammed by businesses as a "tax on jobs", the rate hike will see bosses pay 15 per cent on contributions, up from 13.8 per cent.
As it stands, employers pay National Insurance a rate of 13.8 per cent on an employee's earnings above £175 a week.
Fuel duty remains frozen in major victory for drivers as Rachel Reeves spares motorists from Budget tax hikes
Petrol and diesel drivers can breathe a sigh of relief as Chancellor Rachel Reeves confirmed that fuel duty rates would not be changing in the near future.
Speaking in the House of Commons this afternoon, the Chancellor confirmed that fuel duty rates would remain frozen until March 2025.
She said: "I have concluded that in these difficult circumstances, while the cost of living remains high and with the backdrop of global uncertainty, increasing fuel duty next year would be the wrong choice for working people."
State pension will rise by £475 under triple lock, Reeves confirms
State pension payment rates will rise by 4.1 per cent next year with some pensioners receiving a boost of up to £475, Chancellor Rachel Reeves has confirmed in her Autumn Budget.
Earlier this afternoon, the new Labour Government reiterated its pledge to keep the triple lock in place which is the metric used to determine yearly increases to pensions.
Under the triple lock, state pensions go up by either the rate of inflation, average earnings or 2.5 per cent; whichever is the highest.
Reeves pledges to 'crackdown on benefits fraudsters' in DWP overhaul
Chancellor Rachel Reeves has announced a "crackdown on fraudsters" operating within the benefit system as part of an overhaul of the Department for Work and Pensions (DWP).
The new Labour Government outlined this aggressive approach as part of its Autumn Budget earlier this afternoon in a move that will impact those falsely claiming Universal Credit and Personal Independence Payment.
Reeves confirms living wage rate boost - 'Protecting working people!'
Rachel Reeves has confirmed Labour will boost the National Living Wage to £12.21, with the minimum wage also hitting £10.
She said: “I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7 per cent to £12.21 an hour, worth up to £1,400 a year for a full-time worker.
“And for the first time, we will move towards a single adult rate, phased in over time, by initially increasing the National Minimum Wage for 18-20 year olds by 16.3 per cent as recommended by the Low Pay Commission, taking it to £10 an hour.
"A Labour policy to protect working people, being delivered by a Labour government once again.”
Reeves slams Tories over infected blood and Post Office compensation - 'You failed!'
Rachel Reeves has taken aim at the previous the Tory Government after accusing Rishi Sunak and his colleagues of failing to budget for the cost of compensation for victims of both the infected blood and Post Office Horizon scandals.
The Chancellor said: “The previous Government also failed to budget for costs which they knew would materialise. That includes funding for vital compensation schemes for victims of two terrible injustices, the infected blood scandal and the Post Office Horizon scandal.
“The Leader of the Opposition rightly made an unequivocal apology for the injustice of the infected blood scandal on behalf of the British state but he did not budget for the costs of compensation.
“Today, for the very first time, we will provide specific funding to compensate those infected and those affected, in full with £11.8billion in this Budget.
“I am also today setting aside £1.8billion to compensate victims of the Post Office Horizon scandal redress that is long overdue for the pain and injustice that they have suffered.”
Reeves takes swipe at Jenrick and Badenoch - 'You never apologised!'
Chancellor Rachel Reeves has taken a swipe at Tory leadership hopefuls Robert Jenrick and Kemi Badenoch after accusing the pair of failing to apologise for the Conservative Party's economic record.
Reeves claimed that both Conservative MPs had failed to apologise to the British people throughout the three-month leadership race.
She also mocked ex-Chancellor Kwasi Kwarteng after he conceded that his mini-budget was "not perfect".
Tories heckle Reeves as Chancellor repeats £22billion 'black hole' claims
Tory MPs have heckled Rachel Reeves after the Chancellor of the Exchequer repeated her claim that the Conservative Party left a £22billion "black hole" in public finances.
Reeves said: “In July, I exposed a £22billion black hole at the heart of the previous Government’s plans. A series of promises that they made, but had no money to deliver.
“Covered up from the British people and covered up from this House. The Treasury’s reserve, set aside for genuine emergencies spent three times over just three months into the financial year.
“Today, on top of the detailed document that I provided to the House in July the government is publishing a line by line breakdown of the £22billion black hole that we inherited which shows hundreds of unfunded pressures on the public finances this year, and into the future too.”
The Chancellor doubled-down on her attack by accusing Tories of "hid[ing] the reality of their public spending plans".
She added: “The Office for Budget Responsibility have published their own review of the circumstances around the Spring Budget forecast. They say that the previous Government – and I quote - ‘did not provide the OBR with all the available information to them’ and that - had they known about these ‘undisclosed spending pressures that have since come to light’ then their Spring Budget forecast for spending would have been, and I quote again: ‘materially different’.
“Let me be clear: that means any comparison between today’s forecast and the OBR’s March forecast is false because the party opposite hid the reality of their public spending plans.”
Reeves' Budget is underway: Chancellor champions being first female in No11 and vows to 'invest, invest, invest'
Chancellor Rachel Reeves has started her maiden Budget by expressing her pride in becoming the first female occupant of No11.
Reeves said: “I am deeply proud to be Britain’s first ever female Chancellor of the Exchequer.
"To girls and young women everywhere, I say: Let there be no ceiling on your ambition, your hopes or your dreams.”
Reeves also vowed to ramp up investment after reiterating Labour's commitment to bring change.
The Chancellor said: “My belief in Britain burns brighter than ever. And the prize on offer is immense. As the Prime Minister said on Monday – change must be felt.
“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.”
Starmer demands Israel reverses ban on 'Hamas-linked' UNRWA
Sir Keir Starmer has demanded Israel "reverse" its ban on the United Nations Relief & Works Agency working in Palestine.
The Prime Minister claimed Benjamin Netanyahu's decision must be “reversed very quickly indeed”.
However, Israel has claimed the UNRWA has links with the terrorist organisation Hamas.
Davey leaves Sunak in stitches with General Election joke - 'He got as wet as I did!'
Liberal Democrat leader Sir Ed Davey has left Rishi Sunak in stitches after making a joke about the 2024 General Election campaign.
Davey said: "I've always felt a certain kinship since the General Election when he was the only other party leader to get as wet as I did."
Sunak was left drenched after announcing he was calling a General Election at the end of May.
Meanwhile, Davey often got soaked when filming a number of water-related stunts ahead of July 4.
Starmer and Hoyle praise Sunak in final PMQs
Sir Keir Starmer and Speaker Lindsay Hoyle have praised former Prime Minister Rishi Sunak in his final PMQs.
Starmer praised his predecessor for his “hard work, for his commitment and for his decency in everything that he has done”.
Hoyle added: "We wish him and his family well in their future endeavours."
Sunak, who was given a warm reception, also dismissed reports about him quitting as the MP for Richmond & Northallerton.
He said: "If anyone needs me I will be in Yorkshire."
Rachel Reeves proudly shows off red Budget box containing details of Labour's £35 BILLION tax raid
Chancellor Rachel Reeves has proudly shown off her red Budget box ahead of unveiling £35billion in tax rises.
Before posing outside No11, Reeves had vowed to paint her maiden Budget as a major opportunity for change in Britain.
Reeves posed for a snap alongside her Treasury colleagues ahead of her Budget later today.
Reeves, who was holding her red Budget box outside No11, was joined by Chief Secretary to the Treasury Darren Jones, Financial Secretary to the Treasury Lord Livermore, Economic Secretary to the Treasury Tulip Siddiq, Exchequer Secretary to the Treasury James Murray and Parliamentary Secretary to the Treasury Emma Reynolds.
The group of senior Labour MPs were all spotted wearing red poppies ahead of Armistice Day.
Tice warns Reeves' Budget launches 'assault on working people'
PA
Reform UK's deputy leader has accused Rachel Reeves of waging an "assault against working people".
In a short video released ahead of the Chancellor's maiden Budget, the Boston & Skegness MP also revealed that he will grill Sir Keir Starmer at Prime Minister's Questions shortly after midday.
However, Tice had some choice words for Reeves' economic plan.
He said: "It's Budget day, when the Chancellor is going to make an assault on working people, an assault on small businesses and assault on entrepreneuers."
Tories warn Reeves' Budget will tax businesses 'up the wazoo' after 'hitting families' pockets'
A top Tory has accused Rachel Reeves of taxing businesses "up the wazoo" as the Chancellor prepares to unveil her Budget later today.
Shadow Energy Secretary Claire Coutinho said: “As Rachel Reeves prepares to tax businesses up the wazoo today, it’s worth remembering that not one person in this Labour Cabinet has ever started a business.
“This Budget will be the work of a Cabinet of career politicians, trade unionists and lawyers. And it shows.”
In an official social media post, the Conservative Party added: "Today, Rachel Reeves has a choice: Honour the pledges she and Labour made during the election, or hit families in the pocket with a budget of broken promises. Which will she choose?"
'Huge day!' Starmer claims penny-pinching Budget will bring 'brighter future' after '14 years of decline'
Sir Keir Starmer has claimed Rachel Reeves' penny-pinching Budget will bring Britain a "brighter future" after "14 years of decline" under the Tories.
In a social media post ahead of Prime Minister's Questions later today, Starmer said: "This is a huge day for Britain. After 14 years of decline, we will invest in our country - rebuilding our schools, hospitals and roads.
"We won’t shy away from the tough decisions to grow our economy and protect working people’s payslips. There is a brighter future ahead."
In a much shorter post, Reeves added: "Politics is about choices. This Labour Government chooses investment over decline."
The Chancellor also made reference to a number of 2024 Labour Party slogans, including "promise of change", "fixing the foundations"
Rayner arrives at Cabinet ahead of Budget
Angela Rayner
PA
Deputy Prime Minister Angela Rayner has arrived at No10 for today’s Cabinet meeting ahead of the Budget.
Rayner and her ministerial colleagues will hear from Chancellor Rachel Reeves' ahead of her tax-hiking Budget.
Sir Keir Starmer also looks set for a gruelling Prime Minister's Questions ahead of Reeves' announcement.
Sterling inches up against dollar as City chiefs hope to avoid 'Truss-style' chaos
The pound has inched up against the dollar as City chiefs hope Rachel Reeves' will avoid replicating Kwasi Kwarteng's 2022 mini-budget.
Sterling rose by 0.1 per cent to $1.302 as the Chancellor prepares to announce changes to her fiscal rules to free up as much as £50billion for investment in infrastructure.
However, the pound fell by 0.2 per cent against the € after France's economy grow by more than expected.
UK stocks drop but bonds rally ahead of Reeves’ tax-hiking Budget
The FTSE 100 has suffered a stark drop ahead of Rachel Reeves’ tax-hiking Budget later today.
There was a 0.5 per cent drop just minutes after the market opened at 8am this morning.
The slump leaves UK’s blue-chip stock index down at 8,176.05, while the FTSE 250 also fell by 0.2 per cent to 20,574.69.
Meanwhile, the yield on 10-year bonds rallied with a fall of around six basis points to 4.26 per cent.
The change comes as City chiefs remain optimistic about the Chancellor avoiding the turmoil witnessed after Liz Truss' 2022 mini-budget.
Rachel Reeves risks crashing the economy, warns Sir Jacob Rees-Mogg
Sir Jacob Rees-Mogg gave a scathing assessment of Rachel Reeves last night
GB NEWS
Ahead of the Budget, last night former Conservative Cabinet minister Sir Jacob Rees-Mogg suggested that Rachel Reeves is going to crash the economy.
"Her plan to borrow at least another £20billion with her new changed rules contradicts what she said about fiscal responsibility," he said on his GB News show.
"Now, you may not be a great fan of Rishi Sunak and his premiership, I certainly had my criticisms of him, but one thing he did understand was the need to reduce the debt."
UK Armed Forces set to get extra £3billion - but no commitment to date on spending 2.5 per cent on defence
Britain's Armed Forces are set to be given an extra £3billion today, it has been claimed.
The Chancellor is expected to announce an increase in the defence budget for the 2025-26 financial year.
Rachel Reeves's announcement will help create a pathway to increasing defence spending to 2.5 per cent of national economic output.
However, there is criticism that Labour is not setting out exactly when it will hit the 2.5 per cent mark.
Ahead of the Budget - what we already know
Rachel Reeves will deliver her Budget in the House of Commons shortly after 12.30pm. But plenty of announcements from the major fiscal event have already been confirmed.
We already know that the cap on bus fares will rise by 50 per cent from £2 to £3, the national minimum wage will rise by 6.7 per cent from April, and that the Government will change its fiscal rules to allow for billions more in borrowing.
It used to be a resigning matter for a Chancellor to brief out aspects of the Budget in advance but those rules are rarely respected by ministers these days - much to the annoyance of House of Commons Speaker Sir Lindsay Hoyle.
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