Chancellor Rachel Reeves has delivered Labour's first budget since 2010, announcing a record-breaking £40 billion tax increase. The budget includes a significant rise in employers' national insurance, which has sparked criticism for breaking Labour's previous manifesto promises. Reeves defended the tax hikes, stating they are necessary to address the financial mismanagement left by the previous Conservative government. The budget also outlines plans for infrastructure investment and wage support for working people. This marks a pivotal moment for Labour as they take control of the UK's economic strategy.
While nobody enjoys tax hikes, it’s hard to deny that the financial mess left by the Tories needs some serious fixing. If this means big businesses and the wealthy pay their fair share to fund infrastructure and boost wages for working people, then that’s exactly what we need. It’s about time Labour takes bold steps to address inequality and invest in the future. Let’s hope they stay committed to these progressive values and not get too cozy with corporate interests.
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Autumn Budget 2024: Live updates as Chancellor Rachel Reeves unveils Labour's plan for £35 billion tax raid
Rishi Sunak, who will respond to the Budget today in one of his last acts as Tory leader, said the expected rise in NI would be a clear breach of Labour’s manifesto, which pledged not to increase income tax, National Insurance or VAT.
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Budget latest: Chancellor unveils biggest tax-raising budget since 1993 - as employers' national insurance hike confirmed
Rachel Reeves is delivering a historic budget - it's Labour's first since 2010, and the first ever from a female chancellor. Watch and follow live.
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