Budget 2024 latest: Huge boost for Reeves as IMF growth forecast rises after inflation battle ‘largely won’
Chancellor responds to fresh prediction for the economy ahead of 30 October statement
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Rachel Reeves will announce Labour’s first Budget since coming into power on 30 October, leading one of the most anticipated fiscal events in over two decades.
Ahead of her announcement, the chancellor has welcomed an upgrade to the UK’s economic forecasts from the International Monetary Fund (IMF). The financial agency even said the country’s battle against inflation has “largely been won.”
The country’s GDP is now predicted to grow by 1.1 per cent in 2024 – a major uplift from the 0.7 per cent forecast in July.
Ms Reeves said the new forecast was “welcome” but that there is “more work to do.” She added: “The Budget next week will be about fixing the foundations to deliver change, so we can protect working people, fix the NHS and rebuild Britain.”
New figures from the ONS also show that government borrowing rose to £16.6 billion last month marking the third highest September borrowing since records began, according to the Office for National Statistics (ONS).
This has brought borrowing in the year to date to £79.6 billion – £6.7 billion more than forecast by the Office for Budget Responsibility. The ONS says public sector pay rises contributed to the unexpected rise.
We’ll be bringing you all the latest updates ahead of the big event on 30 October here, on The Independent’s liveblog.
Inheritance tax to rise in Budget as Reeves plans to hit well-off
NHS problems will not be fixed ‘in a single Budget’, says Streeting
UK interest rates will drop to 2.75 per cent, Goldman Sachs predicts
UK economy to grow faster than thought in pre-Budget boost for Reeves
Public sector pay rises hand Reeves a £6.7bn headache ahead of Budget
UK economy to grow faster than thought in pre-Budget boost for Reeves
The UK economy will grow faster than previously thought as lower inflation and borrowing costs lead to a boost in business activity, a boost for chancellor Rachel Reeves as she aims to fix the nation’s finances.
The update from the International Monetary Fund also suggested that the fight against inflation and the cost of living crisis had “largely been won”.
UK economy to grow faster than thought in pre-Budget boost for Reeves
Only Spain was given a bigger economic upgrade by the IMF, making the UK the biggest beneficiary for extra growth in the G7 – although the US’s new growth rate of 2.8 per cent is higher
Jeremy Hunt “had a tough job” says Rachel Reeves
Chancellor Rachel Reeves has said she has a “good relationship” with her predecessor Jeremy Hunt.
“I may not be particularly impressed with the state of the public finances that he left me, but I do recognise that after Kwasi Kwarteng, he had a tough job to do as well,” she told BBC Radio 5 listeners.
She adds that if there were one person she could “pick up the phone to now” it would be Alistair Darling, who delivered Labour’s last budget in 2010.
The veteran politician died last year at the age of 70. He served in cabinet for 13 years under both Tony Blair and Gordon Brown, working as chancellor during the 2008 financial crisis.
“I hope that he would be proud of what I’m doing as the next Labour chancellor after him,” Ms Reeves said.
How make-or-break Budget has fractured Keir Starmer’s cabinet
How make-or-break Budget has fractured Keir Starmer’s cabinet
With the prime minister’s poll ratings at rock bottom, Sir Keir Starmer is grappling with cabinet unity ahead of Rachel Reeves’ Budget, writes Political Correspondent Archie Mitchell
Budget 2024: Inheritance tax set to rise – here’s what it means for you
Inheritance tax set to rise – here’s what it means for you
Only around 4 per cent of families have to pay ‘death tax’ under current legislation
Public sector pay rises hand Reeves a £6.7bn headache ahead of Budget
Public sector pay rises hand Reeves a £6.7bn headache ahead of Budget
The surprise rise in borrowing came despite the cut to Britain’s expenditure on winter fuel allowances
Inheritance tax already up 10 per cent as Reeves looks to squeeze levy in Budget, official figures show
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
Wes Streeting warned inflation-busting NHS Budget deal will not be enough
Wes Streeting warned inflation busting NHS Budget deal will not be enough
Health experts urge the government to find more money to tackle waiting lists and improve NHS care
Air Passenger Duty may go up in Reeves’s Budget – could the ‘Inverness Immunity’ come to an end?
Air Passenger Duty may rise in Reeves’s Budget – could the ‘Inverness Immunity’ end?
Plane Talk: Why it’s not always a good idea to tax the traveller until the pips squeak
Tax on high earners ruled out as Rachel Reeves looks to plug £40bn Budget black hole
Tax on high earners ruled out as Rachel Reeves looks to plug £40bn Budget black hole
No 10 forced into astonishing admission that high earners can also be protected by its pledge not to raise national insurance for working people – after minister refused six times to confirm if that included employees on six-figure salaries
UK economy to grow faster than thought in pre-Budget boost for Reeves
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