Sir Keir Starmer is facing off against Rishi Sunak at PMQs before chancellor Rachel Reeves will deliver her first Budget where she will unveil £35bn of tax rises at 12.30pm.
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 today’s Budget.
The FTSE 100 was down by 0.5 per cent and the midcap FTSE 250 fell by 0.2 per cent, just hours before the first Labour Budget in 14 years.
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.”
Starmer acknowledges Sunak’s last PMQs appearance
Sir Keir Starmer and Rishi Sunak have engaged in a jovial exchange ahead of the conclusion of the Tory leadership competition later this week.
Today marks Sunak’s final week of leading the opposition during prime minister’s questions.
Both the speaker and the prime minister had some kind words to say about Sunak, who confirmed he would be spending more time in his constituency in North Yorkshire as he steps down as the Conservative Party leader.
Athena Stavrou30 October 2024 12:13
PMQs begin ahead of Budget
Prime minister’s questions have begun in the House of Commons.
Sir Keir Starmer is taking his usual weekly questions, ahead of Rachel Reeves delivering Labour’s first budget at 12:30pm.
Athena Stavrou30 October 2024 12:07
Watch live: Keir Starmer grilled before Rachel Reeves presents Budget promising ‘more pounds in pockets’
In her speech, the chancellor is expected to say the “prize on offer” is “immense”, and she will lay out new funding to cut hospital waiting lists, build more affordable homes and rebuild crumbling schools.
Athena Stavrou30 October 2024 11:59
Analysis: Labour MPs braced for fallout from tough Budget
Labour MPs are braced for a tough Budget from the chancellor.
Hundreds were elected in July as part of a landslide victory for Labour at the general election.
But since then there has been very little for them to boast about.
Many are already getting it in the neck from older constituents concerned about the decision to strip winter fuel payments from millions of pensioners.
MPs are usually braced for Budget day – in the hope their pet project might get a shout out from the chancellor.
But this time around many Labour MPs will be nervously eyeing Rachel Reeves to see how tough her Budget actually turns out to be.
Kate Devlin30 October 2024 11:45
Starmer leaves Downing Street for PMQs
Sir Keir Starmer has left Downing Street and will face off against Rishi Sunak at PMQs at noon before Rachel Reeves deliver her first Budget at 12.30pm.
Joe Middleton30 October 2024 11:42
What won’t be in the Budget? Labour’s less likely options weighed up
The UK will today hear Labour’s first Budget since coming into power, as speculation mounts around what measures could be making the cut.
Tax rises have been confirmed by Labour, with Keir Starmer telling reporters he would defend them “all day long.” Both the PM and chancellor Rachel Reeves have reiterated the party’s message that “tough decisions” are needed for economic growth.
Experts predict these will come in the form of increases to taxes like capital gains, employer national insurance, and freezing income tax.
But there are several other tax-raising measures that some are hoping for, but know are unlikely to come.
Joe Middleton30 October 2024 11:30
Reeves to be grilled on Budget by new Treasury committee
The Commons Treasury committee has announced a series of evidence sessions which will scrutinise the Autumn Budget.
The first session will see questions put to the Office for Budget Responsibility (OBR) on its economic and fiscal forecast, taking place on Tuesday 5 November. MPs will then gather the views of leading economists.
The following day, the Treasury committee will question Rachel Reeves, on her Budget on Wednesday 6 November.
The committee’s scrutiny is likely to examine whether the Chancellor’s new fiscal rules are right for the health of the UK economy and changes to spending, taxation and debt.
David Maddox30 October 2024 11:23
Pictured: Reeves departs No 11 with red box
Rachel Reeves has been photographed leaving No 11 this morning. In just over an hour Ms Reeves will deliver the first Labour Budget in 14 years.
Joe Middleton30 October 2024 11:22
Analysis: Reeves’ buzz phrases for the bingo card
For those looking out for buzz phrases which Rachel Reeves will be trotting out in her Budget speech, there are plenty to fill a bingo card.
Top will be “working people” a phrase Labour has struggled to explain but one they hope resonates with voters.
Also look out for: Tory inheritance, £22 billion black hole, fixing the foundations, mission driven, and economic growth, pounds in people’s pockets, economic stability, no austerity, rebuild Britain, first Labour budget in 15 years, first female chancellor, and Liz Truss.
David Maddox30 October 2024 11:15
National insurance, capital gains, fuel duty: The tax rises which could affect you in today’s Budget
Rachel Reeves will announce Labour’s first Budget in 15 years today, as speculation mounts around what measures could be included.
The chancellor faces a difficult task, with the fiscal event set against the backdrop of the £22bn ‘black hole’ in public spending which she announced in late July.
Prime minister Sir Keir Starmer has likewise warned the fiscal event is going to be “painful” but that there is “no other choice given the situation that we’re in”.
Here’s your guide to some of the tax rises the chancellor could be considering for her first Budget:
Joe Middleton30 October 2024 11:00