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 There are those on the left and right who offer only grievance: Labour is getting on with the job of economic renewal | Keir Starmer

Judge last week’s budget in the light of our bold plans to sweep away red tape, tackle inactivity among young people and pursue a closer trading relationship with the EUKeir Starmer is the prime minister of the United KingdomReport: Labour’s economic plan will take years to deliver, Starmer saysAt the budget last week, we made the right choices for Britain, cutting the cost of energy with £150 off bills, protecting the NHS and tackling the scourge of child poverty by removing the two-child limit. We also ensured that the revenue we raised through taxes was done fairly, with everyone contributing but those with the broadest shoulders contributing their fair share. As a result of the choices we made, the budget created a more stable economic environment, driving down inflation and government bond yields. This is vital for protecting our public services, when £1 in every £10 spent by government goes on debt interest.The budget builds on the action we have already taken to improve the e...

Economics

2 w. ago By ending a cruel Tory social experiment, this budget clearly set out how Labour will fight the battle to renew Britain | Lucy Powell

The two-child benefit cap was a totem of 14 years of failed ideology. Now it is goneLucy Powell is deputy leader of the Labour partyYesterday the chancellor, Rachel Reeves, delivered a Labour budget. People have been asking for Labour’s purpose and values to be more clearly expressed. Through the choices made – a shift to a fairer tax system, targeting wealth to pay for tackling child poverty, good public services and the cost of living – we have clearly set out what we stand for.That’s why Labour MPs cheered in the Commons, and it’s why we are up for the fights to come. And it’s why the cries from the right began immediately.Lucy Powell is MP for Manchester Central and deputy leader of the Labour partyDo you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here. Continue reading...

Events

2 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

2 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

2 w. ago Reeves dismisses Tory claims of ‘Benefits Street budget’ – UK politics live

Chancellor says 60% of families that will be better off after the two-child limit is scrapped are in workAsk the Guardian your budget questionsBudget 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 longer. And the cost to society of this is huge, the cost for counci...

Politics

3 w. ago UK Budget 2025: Labour's £26 billion tax gamble risks choking off economic growth

If the economy fails to improve, Labour’s troubles and poll ratings will only get worse

Economics

3 w. ago Rachel Reeves’s budget has inflamed, not calmed, Britain’s febrile mood | Martin Kettle

The chancellor’s statement will be remembered for the many taxes it raised, rather than the big one – income tax – it did notRachel Reeves’s chancellorship was already balanced on a knife-edge, even before the 2025 budget. After she delivered her second budget statement, it still is. Even more than usual, Wednesday’s speech was full of significant fiscal changes, altered spending commitments and adjusted economic forecasts, most of them accidentally (and, for journalists, conveniently) released a short while in advance by the obviously misnamed Office for Budget Responsibility. Politically, however, almost nothing has changed at all.Reeves arrived in the Treasury last year offering what she, like Keir Starmer, had promised as the Conservative years ebbed: competence, stability and, above all, a focus on economic growth. Her problem, despite her upbeat assessments, is that she has delivered none of them. Nothing about the 2025 budget guarantees any early change in that, however defia...

Politics

3 w. ago Autumn Budget 2025 live: Labour to introduce new mileage tax on electric and plug

Follow the Daily Mail's liveblog for updates as Rachel Reeves delivers her Budget today and plans to raise taxes to fund handouts worth thousands of pounds to Britain's biggest jobless families.

Economics

3 w. ago Autumn Budget 2025: Live updates as Chancellor Rachel Reeves prepares to deliver Labour's money grab budget 

Follow the Daily Mail's live blog for updates as Rachel Reeves unveils her second budget today in a bid to fill a £35billion 'black hole' in Labour's finances.

Economics

3 w. ago Budget 2025: Labour has to have a relentless focus on the cost of living crisis

Daily Record Political Editor Paul Hutcheon says voters are sick of making sacrifices and want to be better off financially.

Economics

3 w. ago Rachel Reeves wants to achieve these five things with her Budget – it won’t be easy

The chancellor took on her role wanting nothing more than economic growth, but her priorities have now dramatically changed, as political editor David Maddox explains

Politics

3 w. ago Rachel Reeves wants to achieve these five things with her Budget

Rachel Reeves became chancellor wanting nothing more than economic growth, but her priorities have now dramatically changed, as political editor David Maddox explains

Politics

3 w. ago UK Budget 2025: Labour's economic policies are unravelling much like COP30's hopes of ending oil and gas

After the COP30 climate summit ends with a whimper, Chancellor Rachel Reeves’ second Budget may not fare much better

Economics