MAILONLINE BLOG: Follow live coverage as Chancellor Rachel Reeves delivers her first Budget in Parliament.
Sharon Graham, general secretary of Unite, believes Rachel Reeves took a 'misstep' by failing to tax the UK's 'super rich'. She said:
Follow MailOnline's live coverage of Budget day below and join in the conversation in our comments section Sharon Graham, general secretary of Unite, believes Rachel Reeves took a 'misstep' by failing to tax the UK's 'super rich'. She said: This would be an increase from the current average level of stamp duty of £2,752 up to £9,002. The average property price for new homeowners in the capital is £480,040.
How much more will YOU pay after today's budget?While the Chancellor vowed to exclude 'working people' from tax hikes, this political sophistry is fooling no one - with nearly all Brits set to be worse off in one form or another.Mail OnlineDavid Miles, member of the Office for Budget Responsibility, suggested worker wages were likely to be affected by plans to hike employer national insurance contributions.
The Chancellor wrote on X that Labour will 'restore stability to our public finances, protect working people,fix our NHS and rebuild Britain'.Shadow Exchequer Secretary to The Treasury Gareth Davies has reacted to Rachel Reeves budget announcement from earlier today. So people were looking to this Budget for a clean break with those failures of the last few years, for a sense of hope, urgency and the promise of a fair deal.But I fear the Budget won't deliver all that. The Conservatives left behind an enormous mess in our NHS but I'm afraid it won't be fixed unless the Government fixes social care, too.
The overall tax burden in the UK is forecast to rise from the equivalent of 36.4% of GDP in 2024/25, to a 'historic high' of 38.3% in 2027/28, according to the Office for Budget Responsibility .The level is forecast to then fall slightly in 2028/29 to 38.2%. The scale of the package - despite Keir Starmer previously claiming there was no need for taxes beyond what the £8billion in the Labour manifesto - is even greater than thought.Rachel Reeves drops 'tax bomb' Budget as Brits brace for painChancellor Rachel Reeves said the country had 'voted for change' and vowed to 'invest' as she mounts one of the biggest raids in history in the Commons.
This is Money's Simon Lambert says Rachel Reeves is gambling on growth and improved productivity as a result of her Budget.Rachel Reeves decision to hike employer national insurance contributions from 13.8 per cent to 15 per cent was no surprise and allows the Chancellor to claim she is keeping Labour's promise of not raising taxes on working people.While it won't show up their pay packet, this is an indirect tax rise for working people.
'It is deeply deeply disappointing to see that she has politicised the independent OBR that should be above party politics.'The Daily Mail's This is Money team have compiled a snap analsyis of the winners and losers from Rachel Reeves' Budget.Sunak is continuing his reply. He said: 'They have raised tax to record levels, they have broken their promises and it will be the working people of this country that are going to pay the price.
'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.13:51Breaking:Health budget to increase by more than £25 billionBy Jamie Bullen
Reeves has announced funding for 11 new green hydrogen projects across the UK, including in Bridgend and Barrow in Furness. 'We will extend the Innovation Accelerators programme in Glasgow, in Manchester and in the West Midlands. And with over £500m of funding next year, my RHF the Science, Technology and Innovation Secretary, will continue to drive progress in improving fast, reliable broadband and mobile coverage across our country, including in rural areas.'Reeves announced Manchester and West Midlands will be the first to receive integrated settlements from next year.
She said: 'The previous government froze income tax and National Insurance thresholds in 2021 and then they did so again after the mini-Budget. '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.'Rachel Reeves has confirmed Labour will impose VAT on private school fees from January 2025.Rachel Reeves has announced draught duty on alcoholic drinks will fall by 1.7%, meaning 'a penny off a pint in the pub', the Chancellor has announced.
Reeves said she will increase the duty on hand rolling tobacco by 10% and introduce a flat rate duty on all vaping liquid from October 202613:14Inheritance tax thresholds frozen for a further two yearsBy Jamie BullenThe Chancellor told MPs: Reeves said: 'I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to £12.21 an hour, worth up to £1,400 a year for a full-time worker.
Rachel Reeves has also said there will be a 2% productivity and savings target for all Government departments.Today we are setting a 2% productivity, efficiency and savings target for all departments to meet next year by using technology more effectively and joining up services across government.12:52Breaking:Reeves to raise taxes £40 BILLIONBy Jamie BullenRevealing the figure, which is higher than originally expected, Ms Reeves said any 'responsible chancellor would take action.
She starts by addressing Labour's mandate to bring 'stability to our economy', 'to fix the foundations' and bring about change to the country.12:33PM is 'throwing veterans to the wolves', says Tory MP By Dan WoodlandHe asked why the PM is 'throwing veterans to the wolves' by proposing to repeal the Northern Ireland legacy bill.
He then joked it may not be the last time they meet at the dispatch box, given the speed at which the Tories 'go through leaders'. Watch our live stream here as Keir Starmer takes to the dispatch before the Chancellor delivers her historic speech.It may be a historical day for Labour, but it is also a milestone for Rishi Sunak, who in just a few minutes will make his final appearance at PMQs as Conservative Leader.
Amid a drastic manpower crisis and questions over the UK's ability to fight a war the Chancellor is expected to pour cash into defence to assuage fears it would bear the brunt of cost-cutting measures. But before then, Prime Minister Keir Starmer and Conservative leader Rishi Sunak will face off at 12pm for Prime Minister's questions.Stay with us as we continue to deliver the latest updates throughout to day.Rachel Reeves has been pictured holding the famous Budget red box aloft outside No 11 before travelling to Parliament.
One woman said 'I can't believe how bad they are', while another said Labour wasn't helping the most vulnerable.11:09Savers rush to top up Isas and pensions ahead of the BudgetBy Dan WoodlandSpeculation about what the Budget might hold for savers has triggered a big rush to top up or max out Isas and pensions early this year.
Dozens of you have commented ahead of today's Budget with many predicting employers are going to be the big losers when Rachel Reeves delivers her Commons statement.looks like she's really going to stick it to employers large & small, Employers NI contributions & an increase in minimum wage. This will prevent recruitment and harm retention...super markets will just pass the price on through goods on the shelves.
More often than not the trains on northern rail don't turn up. So in order to get to work you have to either get a taxi which eat into your salary when it happens or catch a bus which they are now saying that the fixed price cap of two pounds is going by a pound to three pounds. Then these charlatans say they are not taxing the working man. The sooner we get rid of stealing Starmer and robbing Reeves the better.
Increases to the rates of income tax, national insurance and VAT have already been ruled out, making it harder to balance Britain’s books. The threshold currently stands at £250,000, but from April 1 next year it could be halved to £125,000. The scale of tax increases expected in the Budget could leave Ms Reeves with two unwanted slices of history.
The £2 fare cap on a single journey is expected to be raised in today's budget, with the scheme extended until the end of 2025. The yield is a key measure of how much the state has to pay to investors who lend it money through the purchase of bonds - parcels of debt known as gilts in the UK. Although polls suggest Brits are open to paying a bit more if they get better services, ministers fear that sentiment may not survive contact with reality.09:20Liz Truss: 'It's going to be a very painful day'By Dan Woodland
Money Mail looks at some of these tax-raising measures and how best you can prepare for them – and even, at this late stage, still mitigate them.Your last-minute Budget battle plan, by financial guru JEFF PRESTRIDGEIn a few hours' time, we will finally discover how Chancellor of the Exchequer Rachel Reeves intends to raise up to £35 billion in new taxes.
The former PM pointed out that the Chancellor had previously condemned the idea of raising employers’ NI as a ‘jobs tax’.Rachel Reeves promised that her plans were fully funded, and she promised that she wouldn’t change the debt target because that would be “fiddling the figures”.We already know that those promises are totally worthless because she is going to change her fiscal rules so she can go on a borrowing spree.
She last night described the move as a ‘significant step’ towards Labour’s manifesto promise to introduce a ‘genuine living wage for working people’.
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