1 week ago Why workers earning £52,000 will be the hardest hit by tax raids

Analysis shows that those on middle incomes are set to be worst hit by Rachel Reeves' plan to charge National Insurance on pension contributions over £2,000 per year.

Economics

2 w. ago Why workers earning £52,000 will be worst hit by changes to salary sacrifice from 2029

Analysis shows that those on middle incomes are set to be worst hit by Rachel Reeves' plan to charge National Insurance on pension contributions over £2,000 per year.

Economics

2 w. ago The most misleading thing about Rachel Reeves’s budget? Who it was really for | Aditya Chakrabortty

Labour backbenchers have been cheering it as a win for the most vulnerable in socety. In fact it was aimed at the bond marketsThe charge is a grave one: that Rachel Reeves has just lied to Britons, spooking them into paying billions in extra taxes that she can splash out on higher benefits. However hyperbolic, this isn’t the usual Westminster sparring; this time, someone might get hurt. A week ago, critics of Reeves and Keir Starmer were, rightly, calling their budget “chaotic”. Today, it’s denounced as lies, and Kemi Badenoch is demanding the chancellor quit. It’s an accusation that demands straightforward answers, so let me give mine. Did the chancellor tell lies? On the available evidence, no. There were no whoppers, no falsehoods, no porkies. But despite Starmer’s comments yesterday, that doesn’t mean there’s nothing to see here and we can all move along. Reeves did mislead the public about the factors shaping her decisions. Was it all to funnel cash to “benefits street”, as the...

Politics

2 w. ago OBR chair quits after inquiry into early release of budget document

Richard Hughes takes ‘full responsibility’ for watchdog error as Starmer attempts to secure chancellor’s positionThe chair of the Office for Budget Responsibility has resigned after a damning internal inquiry into the leak that threw Rachel Reeves’s budget into chaos described it as the “worst failure” in the institution’s history.The departure of Richard Hughes, who said he took “full responsibility” for the watchdog’s failure to handle sensitive information, dragged the rolling recriminations over the budget into a fifth day. Continue reading...

Economics

2 w. ago OBR chair quits after inquiry into early release of Reeves’s budget

Richard Hughes departs after investigation into how official forecaster accidentally published budget 40 minutes earlyRichard Hughes, the chair of the Office for Budget Responsibility, has quit after the findings of an urgent inquiry by the watchdog into how it inadvertently published Rachel Reeves’s budget 40 minutes early.Hughes wrote to the chancellor and to Meg Hillier, the chair of the Treasury select committee, last week to apologise after the OBR uploaded its documents setting out the details of the budget before Reeves began to speak on Wednesday. Continue reading...

Economics

2 w. ago Sultana attacks the monarchy, Israel and ‘pathetic’ Labour in Your Party speech – UK politics live

MP speaks to delegates in Liverpool after boycotting conference yesterdayKemi Badenoch has reiterated her calls for the chancellor to resign on the BBC’s Sunday with Laura Kuenssberg programme, after accusing Rachel Reeves of breaking promises not to raise taxes.In this year’s budget, Reeves froze tax thresholds for three years longer than previously planned, meaning that as wages rise more people will have to start paying income tax.The chancellor called an emergency press conference telling everyone about how terrible the state of the finances were and now we have seen that the OBR had told her the complete opposite. She was raising taxes to pay for welfare.The only thing that was unfunded was the welfare payments which she has made and she’s doing it on the backs of a lot of people out there who are working very hard and getting poorer. And because of that, I believe she should resign.The shadow chancellor, Mel Stride, has written to the FCA (the Financial Conduct Authority). Hop...

Politics

2 w. ago Sultana addresses Your Party conference after securing ‘collective leadership’ victory – UK politics live

MP speaks to delegates in Liverpool after boycotting conference yesterdayKemi Badenoch has reiterated her calls for the chancellor to resign on the BBC’s Sunday with Laura Kuenssberg programme, after accusing Rachel Reeves of breaking promises not to raise taxes.In this year’s budget, Reeves froze tax thresholds for three years longer than previously planned, meaning that as wages rise more people will have to start paying income tax.The chancellor called an emergency press conference telling everyone about how terrible the state of the finances were and now we have seen that the OBR had told her the complete opposite. She was raising taxes to pay for welfare.The only thing that was unfunded was the welfare payments which she has made and she’s doing it on the backs of a lot of people out there who are working very hard and getting poorer. And because of that, I believe she should resign.The shadow chancellor, Mel Stride, has written to the FCA (the Financial Conduct Authority). Hop...

Politics

2 w. ago Martin Lewis' key 'wins' from Chancellor Rachel Reeves' Budget 2025

MoneySavingExpert (MSE) founder Martin Lewis has been among those to have delved into the announcement and what exactly its proposals mean in practice

Politics

2 w. ago Rachel Reeves accused of misleading voters over £20bn Budget black hole – live updates

The fiscal watchdog said the chancellor knew about its revised prediction well before she changed course to raise taxes

Economics

2 w. ago Rachel Reeves accused of ‘misleading’ UK over £20bn Budget black hole – live updates

The fiscal watchdog said the chancellor knew about its revised prediction well before she changed course to raise taxes

Economics

2 w. ago Rachel Reeves’ uncle blasts Budget as 'worst I’ve ever heard'

His comments come as the Chancellor is accused of breaking a Labour manifesto pledge amid £26billion of tax rises

Politics

2 w. ago NatWest issues 'important' call to customers after Rachel Reeves' Autumn Budget

NatWest has contacted its customers after Rachel Reeves delivered her 2025 Autumn Budget

Economics

3 w. ago Budget 2025 live: IFS warn Rachel Reeves she is ‘disincentivising growth’ after Starmer defends tax rises

Reeves admits Budget will mean working people will have to ‘contribute a bit more’ - but denies breaking manifesto pledge

Events

3 w. ago ‘You will be worse off’: Martin Lewis reveals what Rachel Reeves’s Budget will mean for your wallet

The chancellor unveiled £26 billion worth of tax hikes to close a large hole in the public finances

Politics

3 w. ago Tax calculator: Work out how Rachel Reeves’ Budget will affect your finances

Use our Budget calculator to determine whether Reeves’ package of measures will leave you better or worse off

Economics

3 w. ago Starmer says budget did not break manifesto tax pledge and scrapping two

PM says: ‘We kept to our manifesto in terms of what we’ve promised. But I accept the challenge that we’ve asked everybody to contribute’Ask the Guardian your budget questionsShare your views on the new ‘mansion tax’Budget calculator: find out if you are better or worse offThe Conservative party is attacking the budget on the grounds that Rachel Reeves is putting up taxes supposedly to fund more spending on benefit claimants. Even though the rationale for this claim is questionable, the Tories were making it before the budget was announced, and Kemi Badenoch firmed it up last night, claiming it was a “Benefits Street budget”.On LBC this morning, asked if the budget meant “alarm clock Britain paying for Benefits Street”, Reeves said she did not accept that. She said 60% of the families that would benefit from the removal of the two-child benefit cap (the most expensive welfare announcement in the budget) were in work.I don’t think children should be punished by this pernicious policy ...

Economics

3 w. ago Budget 2025 live: Starmer says ‘everyone must contribute’ as he defends Rachel Reeves’ tax rises

Reeves admits Budget will mean working people will have to ‘contribute a bit more’ - but denies breaking manifesto pledge

Economics

3 w. ago POLL OF THE DAY: Should Rachel Reeves apologise for raising taxes in the Budget despite promising not to?

Rachel Reeves has been berated for betraying her vows to working people as she insisted her monster £30billion Budget tax rise was the 'absolute minimum' possible.

Economics

3 w. ago Martin Lewis shares his '3 wins' from Chancellor Rachel Reeves' 2025 Budget

The money-saving expert outlined his thoughts on the Budget - including 'three wins'

Politics

3 w. ago Reeves should have included more tax reform in budget to help growth, IFS thinktank says – UK politics live

Institute for Fiscal Studies director says chancellors continue to ‘shy away from meaningful tax reform that could move the dial’Ask the Guardian your budget questionsShare your views on the new ‘mansion tax’ Budget calculator: find out if you are better or worse offThe Conservative party is attacking the budget on the grounds that Rachel Reeves is putting up taxes supposedly to fund more spending on benefit claimants. Even though the rationale for this claim is questionable, the Tories were making it before the budget was announced, and Kemi Badenoch firmed it up last night, claiming it was a “Benefits Street budget”.On LBC this morning, asked if the budget meant “alarm clock Britain paying for Benefits Street”, Reeves said she did not accept that. She said 60% of the families that would benefit from the removal of the two-child benefit cap (the most expensive welfare announcement in the budget) were in work.I don’t think children should be punished by this pernicious policy any lo...

Politics