Chancellor Rachel Reeves is unveiling Labour’s first Budget since 2010 today, laying out new spending policies alongside long-promised “difficult decisions” over £40bn 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)
READ MORE: Who key Budget policies are aimed at – and the electoral strategy they signal
“Rebuilding Britain”, fixing the health service, and “protecting working people’s payslips” are the key Labour messages.
Reeves confirmed the biggest hike to carers’ allowance in decades, a fuel duty freeze, a £25bn-a-year hike to employer national insurance, and compensation worth £11.8bn for infected blood victims and £1.8bn for Post Office scandal victims.
Policies revealed in advance (full list here) include 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.
4.10pm: ‘A proper Labour Budget’
Another new Labour MP has praised the Budget and described it as a “proper Labour Budget”.
They said: “I thought it was a huge success and nowhere near as gloomy as people were predicting.”
4.00pm: Read Rachel Reeves’ speech in full
In case you missed it, you can read all of Rachel Reeves’ Budget speech in Parliament here.
3.50pm: ‘Just what the country needed’
One MP in a marginal seat told LabourList: “This is just what the country needed. Turning a page on 14 years of Tory failure, and putting the wind in the sails of the government as we press on with our mission of change.
“This Budget delivered just what people who voted for us for the first time in 2024 will want to see: investment in the NHS and investment in our economic future. And we’re only just getting started.”
3.45pm: Reeves 1/3 to remain as Chancellor for next Budget
As if it were in any doubt, bookmakers William Hill give the Chancellor Rachel Reeves 1/3 odds on her remaining in post by the time of the next Budget.
A spokesman for William Hill said: “achel Reeves’ daring Autumn Budget – Labour’s first in 14 years – will certainly have divided opinion, but we think the Chancellor has a very strong chance of remaining in her post for the next Autumn Statement in 12 months’ time.”
3.40pm: ‘Government serious about industrial revival’
TUC general secretary Paul Nowak has said that the Budget shows the government is serious about industrial revival and described it as a “step change from the Conservatives who started our nation’s infrastructure of investment”.
He also praised the decision to redefine fiscal rules to allow for greater capital investment and said: “This is common sense – countries that invest in the infrastructure of the future are better off over time. The Chancellor’s approach marks a vital first step towards the good jobs, energy independence and high-quality national infrastructure that the nation urgently needs.”
3.30pm: ‘Budget comes up short for people in fuel poverty’
The End Fuel Poverty Coalition has said that the Budget does not go far enough to help those suffering with energy bills.
Simon Francis, co-ordinator of the organisation, said that the only way to bring bills down permanently is through investment in insulation, home improvements, renewable energy and infrastructure.
He expressed fears that the increase to the Household Support Fund with no adjustment for inflation would see local authorities stretched even further and was disappointed at a lack of support for vulnerable households affected by the means testing of the winter fuel allowance.
Francis said: “What we needed to see in the short term was a restoration of winter fuel payments, an expansion of warm home discounts and reforms to improve and extend cold weather payments. Longer term, the Chancellor also needed to commit to a social tariff providing a unit rate discount on energy alongside existing support.”
3.20pm: ‘Step in right direction, but need for bold measures’
NEC member Jess Barnard has said that the Budget is a “step in the right direction”, but said that, after 14 years of austerity, “we need and expect Labour to deliver bold measures to tackle inequality and to revitalise our public services and infrastructure”.
She said that the hike employer national insurance contributions would “impact millions of workers who are likely to feel the effects of this in wage freezes” and expressed disappointment at the Budget not axing the “cruel” two child benefit cap.
Barnard said: “In short, this is a Budget with some welcome measures, but it falls short of the change we need, to revitalise services, put pay in workers’ pockets and destroy the Tory legacy of rampant inequality.”
3.10pm: £1bn boost for SEN ‘music to my ears’, says new NEC member
£1bn increase in SEN provision funds from this year (6% increase). Absolutele music to my ears. Announcement at 1.28pm. I will fight with all my will for my Tory controlled #WestSussex to release these funds. https://t.co/T4cj1VrkP3
— Cat Arnold (@catarnold_) October 30, 2024
3.00pm: ‘A government that finally understands problems and opportunities London faces’
Labour’s Mayor of London Sadiq Khan has welcomed the Budget this afternoon, particularly more funding for Transport for London, social housing, schools and the NHS.
He said: “I am under no illusion about the extent of the economic difficulties inherited by the new Government. This budget is about fixing our economy and public services after more than a decade of mismanagement and decline, and beginning the process of national renewal.”
2.57pm: More in Common reaction to Budget
Will have to wait (inc for any nasties to emerge) to see how budget lands. But in rhetoric at least will likely have exceeded (low) expectations & reassured some worries. More consequentially though Labour may have found the little bit of populism they have been missing.
— Luke Tryl (@LukeTryl) October 30, 2024
2.55pm: ‘Decisive shift but more ambition still needed’
The IPPR think tank has said that the government will have to continue ramping up investment and make the tax system fairer over the rest of the parliament.
Interim executive director Harry Quilter-Pinner said that the Budget marks a “decisive, positive shift” for the economy, but said there is more to do on tax reform, especially for high earners.
He said: “Today’s tax reforms have prevented the worst of the planned spending cuts that were inherited from the previous government. But there is more work to do. A wealthy millionaire or billionaire will still be able to pay a lower rate of tax than the average nurse. And the overall spending envelope will still leave some departments with tough decisions to make.
“The new government inherited a terrible economic situation after many years of crisis and mismanagement. Today the chancellor has taken important steps towards building a better Britain. But decades of economic damage cannot be undone in one budget. This must be the start of a decade of national renewal.”
2.50pm: What do the Budget’s policies mean?
As the dust begins to settle following Rachel Reeves’ inaugural Budget speech, it’s becoming increasingly clear what electoral strategy the Chancellor’s announcements point to down the line.
Read post-Budget analysis from LabourList editor Tom Belger here
2.45pm: ‘Enormous relief’
One new Labour MP has said they feel “enormous relief” after the Budget. They told LabourList: “The weeks of stories beforehand suggested massive cuts to public services and spending, instead we have a Budget for long-term economic growth and which gets to work rebuilding our services and infrastructure.”
2.40pm: Budget ‘absolutely superb’ says Labour council leader
A Labour council leader in England has told LabourList they thought the Budget was “absolutely superb”.
Among their highlights included increased funding for local government, especially for social care and homelessness, school breakfast clubs, taking small businesses out of employer national insurance contributions and a “transformational investment” in the NHS.
2.32pm: ‘Our two governments are working together to deliver for Wales’
First Minister of Wales Eluned Morgan has said the Budget shows the benefit of having two Labour governments working in tandem to improve the lives of people in Wales. She heralded the boost in the funding block grant for Wales, the largest in real terms in the history of devolution.
She said: “Over the past fourteen years, the Welsh government has tried again and again to have productive conversations with our UK counterparts. It has been like wading through mud.
“Meaningfully engaging with the UK government in this process shows once again that this UK government respects devolution, and our two governments are working together to deliver for the people of Wales.
“We knew that this Budget, tough choices would have to be made. But Rachel Reeves has set out her plan to fix the foundations of the economy, and look to the future.”
2.29pm: ‘First Budget in over a decade on side of working people’
Worthing West MP Beccy Cooper has said that the Budget “delivers on our promise of change”.
She said: “I am particularly delighted to hear the Chancellor announce a transformational increase in funding for frontline NHS services of £22.6bn. I hope to work closely with colleagues on a plan to move the NHS from hospital to community, from analogue to digital, from treatment to prevention.
“From investment in school breakfast clubs to raising the minimum wage for millions, this is the first Budget in over a decade that is unambiguously on the side of working people.”
2.25pm: Working people tax commitment ‘in place through parliament’, says Jones
Speaking to the BBC, Chief Secretary to the Treasury Darren Jones has said the manifesto commitment to not raise income tax, VAT or national insurance on working people will last for the duration of the parliament.
He said: “Our promise not to increase income tax, national insurance or VAT on working people is a promise that has been honoured today in the Budget, very clearly. They will see that in their payslips.
“That is not just the promise for this Budget, it is the promise for the whole of this parliament – so I can categorically tell you today, we will not be coming back in future Budgets to break that manifesto commitment. It is a commitment that lasts between the last election and the next.”
2.20pm: ‘Significant missed opportunities’, says FBU general secretary
Matt Wrack has praised elements of Rachel Reeves’ Budget but lamented “significant missed opportunities”.
He said: “Firefighters and other public sector workers have faced years of real term cuts to pay since 2010, while frontline services have been starved of funding.
“An increase in the minimum wage and additional funding for the NHS, which is facing its worst crisis in decades as a consequence of Tory cuts, is welcome. So are windfall taxes on oil and gas, and adding VAT to public school fees.
“But there are also significant missed opportunities. Having the lowest corporation tax in the G7 is not something to boast about it – it is a symptom of a broken economic model in which profits are prioritised above the needs and safety of the public.
“While a real-terms increase in day-to-day spending should ease some pressures, the government must go further and faster in rebuilding our broken public services.
“The FBU will fight hard for substantial increases in funding for the fire and rescue service, which has lost 30% of its central government funding since 2010. This must be a feature of the forthcoming spending review. That’s what the FBU expects from a Labour government.”
2.15pm: Full details of Budget published
The “red book” of the Budget has just been published online – you can view it here.
2.10pm: ‘Reeves failed to outline bold, transformative vision’
Left-wing campaign group Momentum has responded to Labour’s first Budget for almost 15 years, accusing the government of failing to outline a “bold, transformative vision to fix Britain”.
A spokesperson for the group said: “We welcome the Chancellor’s decision to raise the minimum wage and increase public borrowing for infrastructure.
“But overall, the Budget fails to outline a bold, transformative vision to fix a declining Britain. Refusing to scrap the two-child benefit cap, cuts to Winter Fuel Payments and lifting the cap on bus fares are damaging and unnecessary political decisions. The government must change course immediately and start standing up for real Labour values.”
2.06pm: ‘Serious budget that focuses on big issues’
Gary Smith, GMB General Secretary, said: “After 14 years of chaos and failure, it’s great to see a serious budget that focuses on the big issues facing our country.
“Much needed money for schools, including SEND, hospitals and a hefty wage rise for millions of low paid workers is something to be celebrated.
“And, there is good news on investment in hydrogen and carbon capture and storage. But, the government must get moving on other key infrastructure projects too – starting with a new nuclear power station at Sizewell.”
2.00pm: First reaction from Labour MPs
We have received some reaction from Labour MPs immediately after the Budget, praising the measures taken despite difficult economic challenges.
One MP described the Budget as a “very strong response to the very difficult economic situation we inherited from the Tories”.
Another praised moves on the minimum wage while protecting SME businesses, as well as the “big boost for the NHS”.
One new MP also told LabourList that she has seen “lots of messages in my CLP WhatsApp saying they are looking forward to canvassing this weekend much more now”.
They added: “I think it’s a Budget that lays the foundation to fix all that has become crumbling after fourteen years of Tory misrule.
“It’s a Budget that supports what people value in their community, like their high street and the local pub, invests in the public services we all care about like our schools and the NHS, takes first steps to fix our broken housing system, and puts more money in people’s pockets while driving long term economic growth.
“It’s a Budget I’m keen to get out on the doorstep and discuss with residents this weekend.”
1.50pm: Labour taking the steps to ‘rebuild Britain’
Rachel Reeves is concluding her Budget address, saying that the government is taking the difficult steps to “rebuild Britain”. She also challenges the Conservatives to explain what they would cut or what taxes they would raise if they disagree with the measures she has taken.
Revees says she has made “responsible choices to protect working people” and restore stability to the economy.
1.48pm: ‘Fixing the foundations’ of the health service
The government has unveiled its plans to grant the NHS more funding in order to “fix the foundations” of the health service. Among the policies announced by the Chancellor include a £22.6bn increase in the NHS’ day-to-day budget, £1bn of capital investment for repairs and upgrades, and £1.57bn of capital investment for new surgical hubs, scanners and radiotherapy machines.
It comes after the new Labour government allocated £1.8bn to cover work by hospitals in England to reduce waiting lists for planned treatment and appointments soon after the general election.
Reeves has said the government will work to cut waiting lists to no more than 18 weeks.
1.44pm: £6.7bn capital investment for education
Reeves has outlined extra investment to improve education, including £2.1m to improve school maintenance.
1.42pm: £100bn in investment via capital spending
Reeves said that the government will invest £100bn of capital spending over the next five years through the change to the government’s fiscal rules.
1.41pm: Bus fare cap to rise
The Chancellor has said that the bus fare cap in England introduced by the Conservatives will continue next year, but at the higher rate of £3. The measure was confirmed by the Prime Minister on Monday, who said that the Tories had only funded the £2 cap until the end of this year. The extension of the scheme will last until the end of December 2025.
1.40pm: Increase in funding to tackle potholes
Rachel Reeves has confirmed plans to increase funding to tackle potholes across the country. The new Labour government has allocated £500m in funding to fix roads, helping to deliver on the party’s manifesto pledge to fix one million potholes. Reeves has said the extra cash will come from deferring the delayed A27 bypass in Sussex, which was set to cost around £320m.
1.38pm: HS2 will reach Euston, Reeves confirms
The Chancellor has confirmed rumours that HS2 will reach Euston station, after initial speculation that the rail project could be cut short at Old Oak Common railway station.
1.36pm: £5bn investment for house building plans
Reeves has announced £5bn in investment to support the government’s housebuilding plans over the course of the parliament.
1.31pm: Fiscal rules altered to boost investment
Rachel Reeves has said that the government will change Britain’s fiscal rules in order to open the door to spend more on infrastructure projects and “drive growth in the economy”. She confirmed the move will free up £15.7bn of headroom.
The move was announced last week in Washington, when the Chancellor addressed the International Monetary Fund.
Read more about the change here
1.26pm: Support for local government
Reeves has said there will be an increase in funding to help local councils with the cost of social care and tackling rough sleeping.
She said there will be a real-terms funding increase next year, including £1.3bn for additional grant funding for essential services.
1.24pm: Almost £3bn allocated for defence spending
The Chancellor has confirmed that £2.9bn will be allocated in the Budget for the armed forces. However, some have noted that updated growth forecasts mean that defence spending is actually slightly down as a percentage of GDP.
In July, the Prime Minister committed to spending 2.5% of GDP on defence, with a Strategic Defence Review setting out a roadmap to reaching that target. The Chancellor confirmed that the government intends to reach this target at a future fiscal event.
1.21pm: Tripling investment in breakfast clubs
Reeves has said there will be no return to austerity and unveiled plans to triple investment in breakfast clubs to help young people.
She also unveiled £300m in investment for further education and a £1bn uplift in funding for special educational needs schools.
1.17pm: Income tax and national insurance thresholds will not be frozen, Reeves reveals
Reeves has said there will be no extension of the frozen on income tax and national insurance once they expire in 2028.
She said: “When it comes to choices on tax, this government chooses to protect working people every single time.”
1.15pm: Abolition of non-dom tax regime
Reeves has announced a new residence-based tax scheme and said she will close loopholes made by the Conservative government.
Those that make the UK their home should pay their taxes here.
That is why we are removing domicile status from the tax system from 6 April 2025 & creating a simpler residence based regime, designed to bring the best talent & investment to the UK. pic.twitter.com/RXlNkZApUF
— HM Treasury (@hmtreasury) October 30, 2024
1.15pm: Penny off pints in pubs
Rachel Reeves has announced she will cut draft duty by 1.7%, which she says will shave a penny off the cost of pints in pubs. She also said there will be a 40% relief on business rates for the retail, hospitality and leisure sector.
1.12pm: New duty on vaping liquid
We want to discourage non-smokers & young people from taking up vaping.
From 1 Oct 2026, we’re introducing a vaping duty for the first time at £2.20 per 10ml of liquid.
Plus a one-off tobacco duty rise to keep the incentive to choose refillable vaping over smoking. pic.twitter.com/yxzOHYlA1E
— HM Treasury (@hmtreasury) October 30, 2024
1.10pm: Inheritance tax thresholds remain frozen
Reeves has said inheritance tax thresholds have remained frozen until 2030.
1.08pm: Capital gains tax hiked on shares
The Chancellor has confirmed that capital gains tax on the sale of shares will be hiked, with the higher threshold rising from 20% to 24%. However, the rate for second homes has not been altered.
1.06pm: Rise in employer contributions to national insurance
Rachel Reeves has confirmed that employer national insurance contributions will rise to 15% in April 2025, with the salary threshold where contributions come into force also cut significantly from £9,100 to £5,000. The measure will raise £25bn a year. The employment allowance has been raised from £5,000 to £10,500.
She said: “In the circumstances I have inherited, this is the right choice to make.”
1.04pm: ‘Working people will not see higher taxes’
Rachel Reeves has said the government has stuck to its pledge not to raise income tax, VAT or national insurance on working people.
1.02pm: Fuel duty to remain frozen
Rachel Reeves admits she has had to take “difficult decisions on tax” but said that the fuel duty freeze will remain in place next year amid concerns about the cost of living, costing the Treasury almost £3bn and saving motorists £60 a year.
1.01pm: Carer’s allowance boosted
The Chancellor has announced that the carer’s allowance will be increased, allowing carers to earn more £10,000 a year, “the largest increase in carer’s allowance since it was introduced in 1976”.
1.00pm: Productivity savings target for departments
Reeves has also said the government will work to reduce wasteful spending in government, with a two percent productivity savings target for government departments.
12.57pm: Inflation-busting increase to minimum wage confirmed
Rachel Reeves has confirmed that the minimum wage will rise by six percent, granting millions of workers on low wages a significant pay rise. From next year, the national living wage for over 21s will rise from £11.44 an hour to £12.21 an hour, an increase of 6.7%. She also said the government will move towards implementing a single adult minimum wage, to be phased in over time.
12.55pm: Crackdown on fraudsters
Reeves has announced a crackdown on welfare fraudsters, which is forecast to save £4.3bn for the Treasury.
12.53pm: Government to appoint Covid corruption commissioner
Reeves said that the government will soon appoint a Covid corruption minister to recover money paid for dodgy pandemic contracts.
12.45pm: Budget to raise taxes by £40bn
Reeves confirms that the Budget will raise taxes by £40bn. She said that any Chancellor would “face the same reality”.
12.44pm: ‘Tories did not budget for scandal compensation’
Reeves has set aside £11.8bn for those affected by the infected blood scandal and £1.8bn for those affected by the Post Office Horizon scandal, accusing the Conservatives of not budgeting for the cost of the compensation scheme.
12.42pm: ‘Government has inherited broken public services’
Reeves is now talking about the poor state of the country’s public services inherited by the Conservatives and claims they had no plan to improve them or put the nation’s finances on a stable footing.
12.40pm: £22bn black hole in public finances
Reeves is discussing the state of the public finances and repeats how the government uncovered a £22bn black hole, which she claims was covered up by the last government. She quotes an OBR report that said that the government had not disclosed all pressures on public finances, something Reeves as the “height of irresponsibility”.
12.38pm: ‘Deeply proud to be Britain’s first female Chancellor’
Reeves has addressed that she is the first female Chancellor and said that her place should send a message to girls and young women that there is no ceiling to their ambition.
12.37pm: ‘Turning the page’
Reeves said that investment is necessary in order to drive economic growth, and investment requires economic stability. She says it is not the first time the Labour Party has been put in the position to rebuild Britain and said that the government would “rebuild Britain once again”.
12.35pm: ‘Country voted for change’
Rachel Reeves is beginning her address to Parliament by saying the country voted for a “decade of national renewal” and said that her belief in Britain “burns brighter than ever”.
She said that change must be felt with an NHS that is there when you need it and with more pounds in people’s pockets.
12.32pm: Rachel Reeves to take to dispatch box imminently
PMQs has just concluded, with Rachel Reeves expected to take to the dispatch box to deliver her first Budget within the next few minutes. It is hard not to overstate the historic nature of this occasion – not only is this an important moment for the party, but also for the country as the first Budget delivered by a female Chancellor.
We are taking the tough decisions needed to fix the foundations of our economy — and deliver on the promise of change.
— Rachel Reeves (@RachelReevesMP) October 30, 2024
12.29pm: Budget ‘potentially era-defining moment’
Very exciting to be in the gallery for @RachelReevesMP first budget – the first Labour budget in 14 years. First ever budget delivered by a woman in history. The chamber is buzzing & packed to the rafters for this MUCH anticipated & potentially era defining moment.
— Ayesha Hazarika (@ayeshahazarika) October 30, 2024
12.20pm: Budget will deliver change Britain needs, says Nandy
Today’s Budget will fix the foundations of our country and deliver the change Britain needs. pic.twitter.com/0tWOLe1Q5A
— Lisa Nandy MP (@lisanandy) October 30, 2024
12.10pm: ‘Let this be a sign that there should be no ceiling on your ambitions’
Today is the first time in our country’s history that a Budget will be delivered by a woman.
For every young girl watching, let this be a sign that there should be no ceiling on your ambitions. https://t.co/lKNXMwJTxk
— Rachel Reeves (@RachelReevesMP) October 30, 2024
12.04pm: Starmer pays tribute to Sunak
Starmer has thanked Rishi Sunak for his service as they have their final exchange across the dispatch box, thanking him for his decency and wishing him and his family well in whatever he goes on to do next.
12.00pm: ‘Budget to fix the foundations’
A budget to fix the foundations and deliver change. pic.twitter.com/ImIbFcCVHs
— Darren Jones MP (@darrenpjones) October 30, 2024
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:
- Live updates and stream as tax and spend policy revealed
- Labour’s Budget 2024: All the policies announced in advance
- ‘No fiscal rule is perfect. But this one means welcome investment’
- Fiscal rules: What is Reeves changing – and why does it matter?
- Bus fare cap row rumbles on as Burnham sticks to £2 cap
- Sam White: ‘Budget 2024 leaves Reeves facing nine circles of fiscal hell’
- Budget bus fare row: ‘The £2 cap was a rare policy that dramatically improves lives – it’s so cheap people talk about it’
- Budget 2024: National Minimum Wage set for record hike and Living Wage to rise 6.7%
- Budget 2024: ‘How Rachel Reeves will turn the page on the Tories’ economic illiteracy’
- ‘How Labour councils can help Starmer and Reeves deliver their growth mission’
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