Chancellor Rachel Reeves is unveiling Labour’s first Budget since 2010 today, laying out new spending policies alongside long-promised “difficult decisions” over tax hikes and departmental spending plans that could define the years to come.
Follow for live updates below as Reeves, the first woman to ever deliver the Budget, gives her speech in Parliament from around 12.30pm following Prime Minister’s Questions, and the Treasury publishes accompanying documents on the small print soon after. (Scroll to 10.50am below to stream live or watch back.)
Autumn Budget 2024: Read more of our news, comment and explainers here
“Rebuilding Britain”, fixing the health service, and “protecting working people’s payslips” are the key Labour messages. Policies revealed in advance (full list here) include a hike to employer NI, a minimum wage boost, an extended but increased bus fare cap, extra NHS, school and defence funding, and overhauled fiscal rules to boost investment.
Refresh this page for the latest updates, analysis and reaction below from across the Labour movement and beyond.
11.55am: Who is speaking at PMQs?
Before we have the Budget, we have the weekly clash of Prime Minister’s Questions – the last where Rishi Sunak will be posing questions as leader of the opposition.
The full list of those who will be asking a question to the Prime Minister later is:
- Katrina Murray (Cumbernauld and Kirkintilloch)
- Meg Hillier (Hackney South and Shoreditch)
- Rachael Maskell (York Central)
- Melanie Ward (Cowdenbeath and Kirkcaldy)
- Rachel Blake (Cities of London and Westminster)
- Ben Goldsborough (South Norfolk)
- Jim Dickson (Dartford)
- Richard Tice (Boston and Skegness)
- Alex Baker (Aldershot)
- Dan Norris (North East Somerset and Hanham)
- John Slinger (Rugby)
- Yuan Yang (Earley and Woodley)
- Lincoln Jopp (Spelthorne)
- Helen Morgan (North Shropshire)
11.45am: Louise Haigh on £3 bus fare cap
Transport Secretary Louise Haigh has heralded the decision of the government to maintain the bus fare cap, albeit at the higher rate of £3. Haigh said that the government is “stepping in to keep fare affordable and protect services”.
The Conservatives provided no funding for the bus fare cap beyond December.
This Government is now stepping in to keep fares affordable and protect services:
✅Over £1bn to support bus services
✅A £3 max cap on fares until 2026
✅Fares below £3 can only rise with inflation— Louise Haigh (@LouHaigh) October 30, 2024
11.40am: Ellie Reeves with sister and Chancellor Rachel ahead of Budget
First ever budget delivered by a female chancellor, my sister @RachelReevesMP ❤️ pic.twitter.com/JrtZvYfE52
— Ellie Reeves (@elliereeves) October 30, 2024
11.35am: ‘Circles of fiscal hell’
The dire state of public finances is absolutely no secret, with Labour’s core messaging ahead of the Budget revolving around fixing the fiscal black hole left by the Tories.
In a thought-provoking piece on LabourList, Keir Starmer’s former chief of staff Sam White looks at the challenges facing the Chancellor by way of a tour through the circles of hell.
11.30am: What taxes do people want to see increased?
According to pollster Ipsos, 71% of voters think it is likely the government will increase taxes in today’s Budget. Their survey found that those polled were more supportive of raising taxes for higher earners, with 48% backing an income tax increase paid on income over £125,000.
71% of the public think its likely the government will increase #taxes in the Budget. If increased, the public are most supportive of raising taxes for the highest earners. pic.twitter.com/0r3JWPFaEf
— Ipsos UK (@IpsosUK) October 29, 2024
11.25am: Business leaders ‘concerned’ ahead of Budget
New polling from Savanta has found that business leaders are feeling anxious and apprehensive ahead of the Budget this afternoon.
The pollster found that one in four business owners and senior leaders (25%) surveyed felt “concerned” about the Autumn Statement, with a similar number (22%) feeling “apprehensive”. A further 12% said they felt “nervous” ahead of the announcement by Rachel Reeves.
However, one in five (20%) said they felt “positive”, with eight percent feeling “excited”.
Matt McGinn, consultant at Savanta, said: “There’s a real sense of concern among business leaders ahead of Labour’s first Budget in 15 years. Our research suggests that the optimism of summer hasn’t just made way for realism, but some pretty apprehensive company leaders.
“In some ways, this is all unsurprising. Labour and everyone else knew there was a challenging financial settlement to contend with in government, and someone had to pay for it. But Keir Starmer and Rachel Reeves will likely be concerned how quickly years of goodwill among businesses appears to have dissipated.”
11.20am: Rachel Reeves leaves No 11
11.17am: PM says Budget ‘huge day for Britain’
This is a huge day for Britain.
After 14 years of decline, we will invest in our country – rebuilding our schools, hospitals and roads.
We won’t shy away from the tough decisions to grow our economy and protect working people’s payslips.
There is a brighter future ahead.
— Keir Starmer (@Keir_Starmer) October 30, 2024
11.15am: What are MPs looking for from today’s Budget?
Speaking to MPs ahead of today’s Budget, there has been an acknowledgement of the difficult choices set to be unveiled in just over an hour’s time. However, some expressed hope around greater investment in healthcare and efforts to build more homes across the country.
One key message that Downing Street will be keen to follow came from one MP, who said the government need to avoid today’s announcement as an “austerity Budget”.
Read more of their thoughts here
10.50am: Watch the Budget live
10.30am: ‘Labour chooses investment over decline,’ says Reeves
Politics is about choices.
This Labour government chooses investment over decline.
— Rachel Reeves (@RachelReevesMP) October 30, 2024
10.10am: Local government’s role in boosting growth
Councils up and down the country have been facing nothing short of a funding emergency in recent years, with several declaring bankruptcy over the financial strain. But Luton council leader Hazel Simmons has written for LabourList about what local government can offer Whitehall when it comes to chasing economic growth – it is well worth a read.
Read more of our Budget 2024 coverage:
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