Reeves promises to “invest, invest, invest” to move away from disastrous budget rhetoric

Chancellor Rachel Reeves is due to present Labour’s first budget in 14 years to the House of Commons on Wednesday.

The Chancellor is expected to move away from the grim language that dominated the run-up to the Budget, promising to “reject austerity” and put “more pounds in people’s pockets”.

The theme will be “Invest, Invest, Invest” – with funds promised for hospitals, homes and schools.

She repeatedly warned that it would involve “difficult decisions” and that some tax increases and spending cuts were expected, although the government said it would not raise taxes on employee payslips.

Reeves will say: “My faith in Britain burns brighter than ever. And the reward we have to offer to this day is enormous.”

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October 30, 2024, 6:43 am

The army will receive a £3 billion cash injection in the budget

Rachel Reeves will announce a £3 billion boost to the armed forces in the Budget today, Telegraph reported.

Her speech is expected to announce a defense spending increase that will keep military spending at 2.3 percent. GDP.

There have been calls to increase defense spending to 2.5 per cent of GDP, with the armed forces facing numerous funding challenges, but Prime Minister Sir Keir Starmer said last week a plan to do so would be announced “in due course”. .

The cash infusion announced by Reeves on Wednesday will fund weapons purchases to replenish stockpiles depleted by donations to Ukraine, cover $400 million resulting from a 6 percent pay raise for troops backdated to April and help expand the country’s defense industry.

The £2.9 billion cash injection is expected to be a one-off infusion of funds pending the Government’s review of future defense spending.

October 30, 2024, 6:35 am

All the changes Rachel Reeves could make to your budget and how they might affect you

By Callum Mason

Deputy Money Editor

After months of speculation, Rachel Reeves will finally present her budget on Wednesday.

The Chancellor has signaled there will be many tax rises in the future as she looks to raise an extra £40 billion a year.

Several tax changes are expected in Reeves’ budget

But what policy might be announced when he comes to parliament? Below, AND is looking at what it might reveal at the fiscal event.

Freezing income tax thresholds until 2030
An increase in social security contributions paid by employers
Fuel tax increase
Reducing the tax-free pension lump sum
Changes in capital gains tax
Inheritance tax reliefs have been removed
The rules for giving gifts regarding inheritance tax have changed
Cut to sick pay
Cutting tax-free savings
Doubling the construction of social housing
Changing debt rules to stimulate investment
Introducing a pay-per-mile car tax
Changes to Lifetime ISA
Alcohol obligation

Read more about all of the above Here.

October 30, 2024, 6:30 am

Good morning and welcome to the blog

Chancellor Rachel Reeves will try to move away from the dour rhetoric that characterized the run-up to the Budget, pledging in her speech today to “invest, invest, invest” to keep “more pounds in people’s pockets”.

The chancellor is expected to say in the autumn budget, which Reeves is due to present on Wednesday: “My faith in Britain burns brighter than ever. And the reward we have to offer today is enormous.”

Reeves will “reject austerity” and announce funding for hospitals, homes and schools – without raising taxes on working people – and money will be saved by “eliminating fraud, tax avoidance and waste”.