Labour Budget 2024: Ask our chief political commentator anything – from minimum wage rise to inheritance tax

How will tax hikes and the rising minimum wage affect your finances? The Independent’s chief political commentator, John Rentoul, is here to answer your questions about Rachel Reeves’ upcoming autumn statement and its potential impact on the economy

Rachel Reeves will deliver the first Budget for Keir Starmer’s Labour government (Getty/PA)

Welcome to an exclusive Ask Me Anything session with me, John Rentoul, The Independent’s chief political commentator.

Keep scrolling for more. If you want to jump straight to the Q&A click here.

Reforms to sickness benefits, capital gains tax and pensions are expected to be among the big announcements in Wednesday’s Budget speech – the first from Keir Starmer’s Labour government.

Chancellor Rachel Reeves has a tough task, with the statement set against the backdrop of a £22bn “black hole” in public spending, which she claimed to have discovered in late July.

With commitments to avoid raising income tax, national insurance or VAT, the Budget is likely to explore other options for raising revenue, such as inheritance tax reforms, adjusting pension tax relief and closing private equity tax “loopholes”.

One of the biggest sources of possible revenue is a much-touted increase in employer national insurance contributions, which has not been denied by ministers.

Potential spending cuts may include welfare reforms and foreign aid.

So what will various tax rises mean for your finances? How will the proposals in the autumn statement affect your bank balance, wage slip and disposal income – if at all? And when will changes come into force?

The political ramifications of the budget are also worth exploring. What does Wednesday’s announcement reveal about Reeves’ and Starmer’s plans – and does a rise in national insurance make things harder for Keir Starmer?

Are the announcements what you expected following Labour’s landslide victory at the general election in July?

If you have a question on the Budget, submit it now, or when I join you live at 4pm on Wednesday 30 October for the “Ask Me Anything” event.

Register to submit your question in the comments box under this article. If you’re not already a member, click “sign up” in the comments section to leave your question. For a full guide on how to comment click here.

Don’t worry if you can’t see your question – they may be hidden until I join the conversation to answer them. Then join us live on this page at 4pm as I tackle as many questions as I can.