When is the 2024 UK Budget being announced by Chancellor Rachel Reeves?
Speculation is mounting about what the Autumn Budget will mean for people across the UK - as Labour prepares to deliver its first Budget for 14 years after coming back to power in the July General Election.
Rachel Reeves is set to announce the Budget next week. Prime Minister Keir Starmer and other senior politicians have remained largely tight-lipped about many of the precise details of what is in this year's Budget.
This has fuelled speculation about potential changes to inheritance tax, fuel duty and the amount of money employers may have to pay into National Insurance.
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Some details have however been confirmed by the Treasury. On Sunday, Rachel Reeves announced £1.4 billion to rebuild crumbling schools and a tripling of investment in free breakfast clubs as part of her first Budget.
Ms Reeves has admitted she will raise some taxes, pointing to a £22 billion black hole in the public finances which she says she discovered had been left behind by her Tory predecessors after entering office, but has not specified which ones.
In an interview with LBC on Friday evening, the Chancellor said she would avoid increasing “the key taxes that working people pay – national insurance, income tax and VAT.”
When is the UK 2024 Budget being announced?
The Budget will be announced by Rachel Reeves, Chancellor of the Exchequer, on Wednesday, October 30.
At a press conference at the end of the Commonwealth heads of government meeting (Chogm) in Samoa on Saturday, the Prime Minister was asked whether he was “plotting a war on middle Britain” in the Budget.
“No. Let me clear about that,” he said. “What we’re doing is two things in the Budget.
“The first is fixing the foundations, which is dealing with the inheritance that we’ve got, including the £22 billion black hole. We have to deal with that. In the past leaders have walked past those problems, created fictions, and I’m not prepared to do that.”
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