UK Parliament official announcements and legislative records

First Female Chancellor Rachel Reeves to Unveil £35 Billion Tax Hikes in Labour's First Budget

Oct 30, 2024, 07:52 AM

Rachel Reeves, the first female Chancellor of the Exchequer, is set to deliver her first Budget today at 12:30 pm in the House of Commons, marking Labour's first budget in 14 years. The Budget is expected to include significant tax hikes, with reports suggesting increases totaling £35 billion, as well as increased borrowing to invest in the UK's infrastructure and public services. Reeves has pledged to 'invest, invest, invest' to 'rebuild Britain,' focus on economic stability, and fix the foundations of the economy. She has indicated that the Budget will include 'tough decisions' but aims to 'reject austerity,' protect working people, invest in the future, and deliver change. Key priorities include boosting NHS funding to address waiting lists and increasing hospital appointments and procedures in England, with a reported £4.8 billion NHS overspend due to high staff pay deals. Reeves stated, 'My belief in Britain burns brighter than ever, and the prize on offer today is immense.' The minimum wage is set to increase by 6.8%.