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Rachel Reeves will announce Labour’s first Budget since coming into energy on 30 October, main one of the crucial anticipated fiscal occasions in over 20 years.
Ahead of her announcement, the chancellor has welcomed an improve to the UK’s financial forecasts from the International Monetary Fund (IMF). The monetary company even stated the nation’s battle in opposition to inflation has “largely been won.”
The nation’s GDP is now predicted to develop by 1.1 per cent in 2024 – a significant uplift from the 0.7 per cent forecast in July.
Ms Reeves stated the brand new forecast was “welcome” however that there’s “more work to do.” She added: “The Budget next week will be about fixing the foundations to deliver change, so we can protect working people, fix the NHS and rebuild Britain.”
New figures from the ONS additionally present that government borrowing rose to £16.6 billion final month marking the third highest September borrowing since data started, in accordance with the Office for National Statistics (ONS).
This has introduced borrowing within the yr to this point to £79.6 billion – £6.7 billion greater than forecast by the Office for Budget Responsibility. The ONS says public sector pay rises contributed to the surprising rise.
We’ll be bringing you all the most recent updates forward of the large occasion on 30 October right here, on The Independent’s liveblog.
Public sector pay rises hand Reeves a £6.7bn headache forward of Budget
Alexander Butler23 October 2024 04:00
Inheritance tax already up 10 per cent as Reeves seems to squeeze levy in Budget, official figures present
Alexander Butler23 October 2024 02:00
Wes Streeting warned inflation-busting NHS Budget deal is not going to be sufficient
Alexander Butler23 October 2024 00:01
Air Passenger Duty could go up in Reeves’s Budget – may the ‘Inverness Immunity’ come to an finish?
Simon Calder22 October 2024 22:00
Tax on excessive earners dominated out as Rachel Reeves seems to plug £40bn Budget black gap
Alexander Butler22 October 2024 20:00
UK financial system to develop quicker than thought in pre-Budget boost for Reeves
Alexander Butler22 October 2024 18:00
Inheritance tax already up 10 per cent as Reeves seems to squeeze levy in Budget
Britons are already paying extra inheritance tax as Rachel Reeves seems to squeeze tens of millions extra from the levy, official figures present.
Payments swelled the Treasury’s coffers by £4.3bn within the six months since April, £400m greater than in the identical interval within the earlier monetary yr and an increase of 10 per cent, new information from HM Revenue and Customs exhibits.
Kate Devlin22 October 2024 16:00
Borrowing figures present “scale of public finances challenges” says professional
Government spending to date this monetary yr was £11.5 billion greater than forecast by the OBR, factors out The Resolution Foundation, which tallies with Rachel Reeves’ declare of a £22 billion “black hole” within the public funds.
The basis’s senior economist Cara Pacitti stated: “Six months into the financial year, Britain is borrowing £6.7 billion more than expected at the time of the Budget in March.
“This reflects central government spending which is £11.5 billion higher than anticipated, largely due to public sector pay rises and higher running costs.
“Today’s data highlights the scale of the public finances challenges facing the Chancellor as she grapples with overspending today, the need to avoid austerity in the future, and having to fund extra public service spending through tax rises.”
Albert Toth22 October 2024 15:00
GDP because of develop in 2024 in main uplift, says IMF
The IMF has stated UK gross home product (GDP) is because of develop by 1.1 per cent in 2024 – a significant uplift from the 0.7 per cent growth forecast from July.
The UK financial system is then anticipated to develop by 1.5 per cent in 2025, with the IMF sustaining its prediction from earlier within the yr.
The IMF report additionally discovered that UK inflation for 2024 is ready to be barely larger than anticipated at 2.6 per cent, having beforehand pointed in direction of a 2.5 per cent studying.
It likewise barely elevated its inflation projection for 2025 to 2.1per cent from 2per cent in its earlier outlook.
Unemployment can be set to be barely worse than beforehand anticipated by the IMF, in accordance with the most recent report.
It stated the UK unemployment fee is ready to have been 4.3per cent for 2024 as an entire, in contrast with a earlier 4.2per cent estimate.
Archie Mitchell22 October 2024 14:05
Rachel Reeves boost as battle in opposition to inflation has “been won”
Rachel Reeves has welcomed an improve to the UK’s financial growth forecasts from the International Monetary Fund (IMF) as it stated Britain’s battle in opposition to inflation has “largely been won”.
The chancellor pressured that there’s “more work to do”, however added “it is welcome that the IMF have upgraded our growth forecast for this year”.
Ahead of her first monetary assertion as chancellor on Wednesday, Ms Reeves stated: “The Budget next week will be about fixing the foundations to deliver change, so we can protect working people, fix the NHS and rebuild Britain.”
Archie Mitchell22 October 2024 13:55
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