The Labour Party is delivering its first budget in 14 years today on 30 October. Delivering the 2024 Autumn Budget as the first female chancellor in UK history, Chancellor Rachel Reeves blamed the previous government for creating a £22 billion “black hole” in UK public finances and reaffirmed the present government’s commitment to fixing the “broken” public finances and “broken” public services.
Building on this point, Reeves said that the present budget will raise taxes by £40 billion. She claims the budget will focus on the following things:
- Restoring economic stability
- Increasing investment and building infrastructure to “Get Britain Building Again”
- Working with the local councils for a local growth plan
- Developing Skills England to tackle economic productivity
- Focus on small and medium-sized businesses to help them grow
“Economic growth will be our main mission.”
Stay tuned as we are providing live updates of Labour’s policies in this Autumn Budget!
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