
Nick Abbot 10pm - 1am
14 October 2024, 12:53 | Updated: 14 October 2024, 14:43
Chancellor Rachel Reeves will deliver Labour's first budget on Wednesday October 30 amid growing pressure to raise revenue and boost growth.
The budget will reveal the government's spending plans for the upcoming year. As the first budget under a new government, Rachel Reeves' plans will also give more insight into what the economy will look like under Labour.
Chancellor Rachel Reeves has warned of “tough decisions” at the spending review as Labour says it needs to plug a £22 billion “black hole” in the public finances left by the Conservatives.
The Prime Minister has said the Budget will focus on boosting living standards, reviving the NHS and “rebuilding Britain”, signalling investment in schools, housing and transport
After Prime Minister’s questions at midday the Chancellor will stand up to deliver the budget.
She will set out plans for taxes, and commitments for public services like health, schools and the police.
Alongside the budget, the Treasury publishes its own report setting out full details of the spending plans.
The independent Office for Budget Responsibility (OBR) also assesses the plans, with their findings released shortly afterwards.
The Conservative leader will then have a chance to respond to the Chancellor’s statement.
The budget speech normally starts at about 12.30pm and lasts around an hour.
The 2024 Autumn Budget could include: