Budget 2024 time live: When is Rachel Reeves delivering the autumn statement today?
Rachel Reeves is expected to announce up to £35bn in tax rises as she unveils the first Labour Budget in 14 years.
After months of warning the public of the “tough choices” ahead, Ms Reeves is expected to promise to “invest, invest, invest” in order to “fix public services” in Wednesday’s Budget.
Reeves is expected to say in her speech at 12.30pm: “My belief in Britain burns brighter than ever. And the prize on offer today is immense.
“More pounds in people’s pockets. An NHS that is there when you need it. An economy that is growing, creating wealth and opportunity for all. Because that is the only way to improve living standards.
“And the only way to drive economic growth is to invest, invest, invest. There are no short cuts. To deliver that investment we must restore economic stability.”
The minimum wage will increase to £12.21, the Treasury revealed on Tuesday evening.
Ms Reeves has described the 6.7 per cent increase as a “significant step” towards creating a “genuine living wage for working people” – although it falls short of the £12.60 an hour sum recommended by the Living Wage Foundation.
Key Points
What are the timings for today?
Chanellor Rachel Reeves will address Cabinet at 9am.She will emerge from Downing Street with her iconic red box at around 11am.Ms Reeves will take her place next to prime minister Keir Starmer through PMQs at noon.She will then deliver the Budget at 12.30pm.
At The Independent we will provide live coverage throughout the day of Ms Reeves Budget and all the reaction throughout the day.
FTSE 100 slumps ahead of Budget
The FTSE 100 has dropped in early trading as investors brace themselves for Rachel Reeves Budget in just a few hours.
UK stocks fell as the chancellor is expected to announce up to £35bn in tax rises and also a number of spending cuts.
At 8.50pm the FTSE 100 was down by 0.5 per cent and the midcap FTSE 250 fell by 0.2 per cent.
Rachel Reeves is Britain’s first ever female chancellor – there’s ‘peril’ in that
Britain has had three female prime ministers but Rachel Reeves is the first woman to head up the Treasury. Cathy Newman looks at why that matters and hears from the chancellor about her pride at being the one to break the glass ceiling, but how breaking up the urinal in her private office was a whole different matter…
Analysis: No drowning her sorrows – Reeves won’t have a tipple during Budget speech
Under a long standing tradition chancellors can drink alcohol as they set out the details of their Budget to parliament.
But Rachel Reeves will not be downing a tipple as she sets out what could be the biggest tax rises in a generation.
Instead, Britain’s first female chancellor has opted for water instead. At all other times, except the budget, alcohol is banned.
Former chancellor Ken Clarke was the last politician to take advantage of this privilege when he was in post during the mid- 1990s. Mr Clarke was partial to a glass of Glenfarclas whisky while delivering the Budget.
A videograb of the Chancellor Kenneth Clarke, taking a drink while he delivers the Budget in the House of Commons (PA)
Joe Middleton30 October 2024 09:50
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Labour will not shy away from tough decisions in the Budget, says Starmer
Just hours before the Budget is due to be delivered by chancellor Rachel Reeves the prime minister has posted a message on social media.
Sir Keir Starmer said it is a “huge day” for Britain and that the government will not shy away from the “tough decisions” needed to grow the economy.
Rachel Reeves issues final message ahead of historic autumn Budget
Rachel Reeves issued a final message before Labour’s first Budget in 14 years was presented to the public on Wednesday, 30 October.
In a video posted to her social media pages, the chancellor described how she “likes graphs and spreadsheets” and has been “poring over the detail” of the government’s upcoming economic announcements.
Labour vowed not to raise taxes on “working people” in the days before the Budget announcement.
However, other rumoured tax rises led critics to question who falls under Labour’s definition of “working.”
The prime minister said the UK’s working people “know exactly who they are.”
Rachel Reeves issues final message ahead of historic autumn Budget
Rachel Reeves issued a final message before Labour’s first Budget in 14 years was presented to the public on Wednesday, 30 October. In a video posted to her social media pages, the chancellor described how she “likes graphs and spreadsheets” and has been “poring over the detail” of the government’s upcoming economic announcements. Labour vowed not to raise taxes on “working people” in the days before the Budget announcement. However, other rumoured tax rises led critics to question who falls under Labour’s definition of “working.” The prime minister said the UK’s working people “know exactly who they are.”
Analysis: Reeves’ House of Horrors
When Rachel Reeves gets up in the Commons today for what is already being dubbed the Halloween Budget, the only question remaining seems to be what new horrors does she have to reveal.
Already we know of an expected £35bn tax raid, the biggest in history, including capital gains, employer national insurance contributions, VAT on independent school fees and abolition of non dom status.
But with a desperate amount of pre Budget expectation management of “tough choices” and “dreadful inheritance left by the Tories” including the alleged £22 billion black hole none of this will be a surprise.
After boxing herself into a position of no austerity and no rises in income tax, employee national insurance contributions and VAT, Ms Reeves knows she has to act dramatically so as not to spook the markets.
The problem is that her Halloween Budget seems to be full of tricks and lacking in treats. The only issue now is whether it is as bad as expected or even worse.
Pictured: Ministers arriving for Cabinet
Ministers have been pictured arriving for Cabinet, with deputy prime minister Angela Rayner and home secretary Yvette Cooper both spotted outside No 10.
However, no sign yet of chancellor Rachel Reeves as of yet.
Voices: There’s a good reason why this is the leakiest Budget in history
Commons speaker Lindsay Hoyle is furious about pre-Budget briefings – but getting the bad news out early will avoid spooking markets, and the government can focus on the (limited) good news, says John Rentoul
