The Chancellor will deliver the budget this afternoon
Chancellor Rachel Reeves will deliver the Labour government's first budget today. Britain's first female chancellor will speak after Prime Minister's Questions this afternoon and will set out the government's economic agenda.
“You only need to look at the facts to see the Chancellor’s claims about her economic inheritance are nonsense. Labour inherited an economy with inflation back at its 2% target, mortgage rates being cut, and unemployment low. And when we left office, the United Kingdom was the fastest growing advanced economy in the world.
She told the Commons: "We will provide investment to renovate sites across our country, including at Liverpool Central Docks - where we will deliver 2,000 new homes."TUC general secretary Paul Nowak said: “The Chancellor was dealt a terrible hand by the last Conservative government – a toxic legacy of economic chaos, falling living standards and broken public services.
“This authoritative Budget turns the page on the horrible history of the past 14 years. The Conservatives’ toxic combination of austerity, unfunded spending and fake promises to lower taxes left the country in a dreadful state.
“The Liverpool City Region is ready to keep pushing forward, building on today’s Budget and delivering the real change our communities deserve. With this government’s backing, we can achieve a brighter, fairer future – together.”In her concluding remarks, Ms Reeves told the Commons: “The choices that I have made today are the right choices for our country – to restore stability to our public finances, to protect working people, to fix our NHS and to rebuild Britain.
“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.”Rishi Sunak is currently giving the Conservative perspective. We will bring you the response to the budget and the remaining updates now.
“And we will provide £2.1 billion more to improve school maintenance, £300 million more than this year – ensuring that all our children can learn somewhere safe, including dealing with RAAC affected schools in the constituencies of the MPs for Watford, Stourbridge, Hyndburn, and beyond.” “We will also make progress on our commitment to accelerate the remediation of homes following the findings of the Grenfell Inquiry, with £1 billion of investment to remove dangerous cladding next year.”Rachel Reeves said: “Today we are confirming our plans to capitalise the National Wealth Fund, to invest in the industries of the future, from giga-factories, to ports, to green hydrogen.
“To rebuild our country we need to increase investment. The UK lags behind every other G7 country on business investment as a share of our economy. That matters. “First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years, until 2030. The Chancellor said there would be at least £600 million in grant funding for social care and £230 million to tackle homelessness and rough sleeping.
“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. “To ensure the oil and gas industry can protect jobs and support our energy security… we will maintain the 100% first year allowances and the decarbonisation allowance too.”" From 2026-27 permanently lower tax rates will be introduced for retail, hospitality & leisure properties.
“So today, instead of uprating these products in line with inflation, I am cutting draught duty by 1.7%, which means a penny off a pint in the pub.”The treasury says: "Those that make the UK their home should pay their taxes here. That is why we are removing domicile status from the tax system from 6 April 2025 & creating a simpler residence based regime, designed to bring the best talent & investment to the UK.
“But I am taking a different approach when it comes to private jets, increasing the rate of air passenger duty by a further 50%. That is equivalent to £450 per passenger for a private jet to, say, California?”Ms Reeves said she will renew the tobacco duty escalator for the remainder of the Parliament at RPI plus 2%, increase duty by a further 10% on hand-rolling tobacco this year and introduce a flat-rate duty on all vaping liquid from October 2026.
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