Chancellor Rachel Reeves has insisted there will be “more pounds in people’s pockets” under the Labour Government despite the nation bracing for tax raids at tomorrow’s Budget. Reeves told the House of Commons that her first Budget will “turn the page on low growth” and deliver on the promise of change.
“Tomorrow I will present my first Budget. This will be a Budget that fixes the foundations of our economy and delivers on the promise of change,” Reeves said. “It will turn the page on low growth and will be the start of a new chapter towards making Britain better off. More pounds in people’s pockets, an NHS that is there when you need it and businesses creating wealth and opportunity for all.”
Tomorrow’s Budget is expected to include raids on employer’s National Insurance contributions, inheritances and capital gains. Despite the looming tax hikes, Reeves insisted the Labour Government will ensure “more pounds in people’s pockets.”
The Chancellor’s comments come as the country faces a cost-of-living crisis, with inflation at record highs and household budgets squeezed. Labour has promised to prioritise supporting working families, though the party has yet to clearly define who exactly counts as a “working person.”
Reeves said the Budget will be the “start of a new chapter” for the economy, signalling a shift away from the low-growth path of the previous Conservative government. However, the Chancellor acknowledged tough choices will be necessary to repair the public finances and public services.
