Labour has pledged not to raise key taxes, including income tax, VAT or national insurance, on working people. But the government is under mounting pressure to clarify who will be affected after a cabinet minister came under fire for repeatedly refusing to say if a small business owner earning £13,000 a year qualified.
In a sign of how high the stakes are, yesterday Paul Johnson, the director of the highly respected Institute for Fiscal Studies think tank, warned this could be “one of the biggest tax-raising budgets ever”. And former Bank of England governor Mervyn King warned that Ms Reeves’s plans for extra borrowing could drive up mortgage payments.
The chancellor is looking to raise £40bn to avoid a return to austerity after she accused the Conservatives of leaving a £22bn black hole in the public finances. She has warned that her first Budget involved “tough decisions”.
But she said her reforms – which will include investment in projects Labour hopes will kickstart economic growth – were for “hardworking families up and down the country who have been crying out for change”.
“To these people I say, I’ve got your back.... I will deliver for you. It’s a Budget for the strivers,” she wrote in The Sun on Sunday.
Her comments risk a backlash for echoing Mr Osborne’s language, coined in 2012 to defend his austerity measures.
Denne historien er fra October 28, 2024-utgaven av The Independent.
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Denne historien er fra October 28, 2024-utgaven av The Independent.
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Tuchel left with big calls to make after Carsley refresh
No pressure, Thomas. Lee Carsley hands over to Thomas Tuchel promising to give England’s next manager a comprehensive debrief on the three autumn camps but perhaps also elevating expectations. Not so much with the results – promotion in the Nations League was anticipated for a team ranked fourth in the world and who reached the final of Euro 2024 – as with his assessment of England’s prospects for the time covered by Tuchel’s 18-month deal.
Wiegman calls up uncapped trio for injury-hit Lionesses
England manager Sarina Wiegman is confident Laura Blindkilde-Brown and Ruby Mace can both make the most of their first senior call-ups to an injury-hit squad.
Wales promoted as Cullen double freezes out Iceland
Wales won Nations League promotion as Liam Cullen’s first two international goals helped them to a 4-1 victory over Iceland.
Retail bosses gifted excuse for when things go wrong
It’s not just British farmers who are hacked off by the latest Budget some of the biggest names in retail have now joined forces to send one of those angry, multi-signature letters to the chancellor, scolding her for the imminent tax hikes coming their way.
Jaguar pounces on new logo
Car giant Jaguar has unveiled a new logo and a rebranded range of electric cars alongside marketing slogans such as “delete ordinary,” “live vivid,” and “copy nothing.”
OF UNSOUND MIND
A disquieting mood permeates the BBC's 'The Listeners', the complex story of a teacher whose life unravels after she starts hearing a ceaseless, mysterious hum, writes Nick Hilton
It's grit over gloss in photo show's eye on the Eighties
Protest, poverty and privilege - The 80s: Photographing Britain at Tate Britain offers an exciting, if partial, view of a decade that remains highly polarising, writes Mark Hudson
Publicly-owned rail may not get us back on right track
Nationalisation is often touted as a golden ticket to a better train service. Simon Calder is less optimistic it will work
CAFFEINE FIX
Why does a squirt of syrup in your coffee at Christmas burn such a massive hole in your wallet? Olivia Petter finds out.
Longing and loss: our era of British cinematic elegance
It is four decades since A Room with a View’ made Merchant Ivory a household name. Sarah Sands recalls a world in which her brother Kit and her then husband Julian were central
