Budget latest: Rachel Reeves set to make three key pledges as tax hikes expected
Chancellor has reiterated that tough decisions have been made ahead of next week
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Rachel Reeves has promised a Budget ‘for the strivers’ but admitted tough decisions have been made in a new article.
Ahead of Labour’s long-anticipated Budget on October 30, the Chancellor said: “I have had to make tough decisions in this Budget. Not everything is going to be easy. But let me be clear - I am doing this for hardworking families up and down the country who have been crying out for change”.
Labour had promised at the general election not to increase taxes on “working people” - but have been struggling to define who these people are ahead of its tax-raising Budget.
The chancellor will also make three key pledges in the Budget. The Sunday Times has reported that Ms Reeves will promise to “do everything in my power to protect working people”, “fix the NHS” and “rebuild Britain”.
Ms Reeves has also compared her mission in this week’s Budget to that of the reforming agendas of Clement Attlee and Harold Wilson.
We’ll be bringing you all the latest updates ahead of the big event here, on The Independent’s liveblog.
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Britons are already paying more inheritance tax as Rachel Reeves looks to squeeze millions more from the levy, official figures show.
Payments swelled the Treasury’s coffers by £4.3bn in the six months since April, £400m more than in the same period in the previous financial year and a rise of 10 per cent, new data from HM Revenue and Customs shows.
Brits are already paying 10 per cent more on inheritance tax before Reeves’ budget
Chancellor warned that hiking the tax at next week’s Budget risks punishing middle-class homeowners
Borrowing figures show “scale of public finances challenges” says expert
Government spending so far this financial year was £11.5 billion more than forecast by the OBR, points out The Resolution Foundation, which tallies with Rachel Reeves’ claim of a £22 billion “black hole” in the public finances.
The foundation’s senior economist Cara Pacitti said: “Six months into the financial year, Britain is borrowing £6.7 billion more than expected at the time of the Budget in March.
“This reflects central government spending which is £11.5 billion higher than anticipated, largely due to public sector pay rises and higher running costs.
“Today’s data highlights the scale of the public finances challenges facing the Chancellor as she grapples with overspending today, the need to avoid austerity in the future, and having to fund extra public service spending through tax rises.”
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