Chancellor Rachel Reeves will deliver her Budget tomorrow, Wednesday October 30
Rachel Reeves will present her first Budget as Chancellor to the House of Commons on Wednesday, October 30, amid reports of tax hikes and spending cuts. After entering office the Labour Government said it needed to fill a £22 billion “black hole” left in the public finances by its predecessors.
Education and childcare: Some £1.4 billion has been announced already to rebuild crumbling schools, as well as a tripling of investment in free breakfast clubs, £1.8 billion for the expansion of Government-funded childcare, and £44 million to support kinship and foster carers. Social housing: Right to buy discounts for tenants of local authority-owned homes will be reduced and a £500 million top-up in funding will go to the affordable homes programme. The Government will launch a consultation on a five-year social housing rent settlement, seeking to cap what social housing providers can charge tenants in line with Consumer Prices Index inflation plus 1%.
Debt rule: The Chancellor has already confirmed she will change the way debt is measured to open the door for the Government to spend billions more on infrastructure, such as railways, roads, hospitals and new prisons. She is expected to target public sector net financial liabilities as her new measure of debt rather than the current yardstick of underlying public sector net debt.
Taxes on working people: Labour has said it will stick to its manifesto promise not to raise the major taxes on “working people”: national insurance, income tax and VAT. Inheritance tax: Ms Reeves is reportedly considering changes to inheritance tax, which could include extending the number of years someone has to stay alive after passing on wealth as a gift from seven to 10 years.
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