Rachel Reeves spoke about the 2024 Budget, emphasizing the need for change and national renewal. She highlighted the importance of investing in the economy to drive growth and improve living standards. Reeves plans to increase taxes by £40 billion and mentioned her pride in being the first female Chancellor of the Exchequer.
The budget includes changes to national insurance, income tax, capital gains tax, inheritance tax, and minimum wage. Reeves announced increases in personal tax thresholds, capital gains tax rates, and inheritance tax thresholds. She also confirmed a rise in the national living wage and changes to taxes on tobacco, alcohol, and private school fees.
The budget allocates funding for various sectors, including education, healthcare, housing, transportation, energy, and public investment. Reeves outlined plans for capital investment in schools, a 10-year NHS plan, and investments in housing, transport, and energy. The government will also focus on public spending, defense, and local government funding.
Additionally, Reeves highlighted measures to target tax avoidance and compensate victims of scandals. The Office for Budget Responsibility (OBR) reviewed the previous government’s spending and made recommendations that the current government plans to implement. The budget forecasts inflation and growth rates, as well as government borrowing and debt reduction targets.
Overall, the 2024 Budget aims to address key issues such as economic growth, public services, infrastructure, and social welfare. Reeves challenged the Conservatives to provide alternative solutions if they disagree with the government’s decisions. The budget reflects a commitment to protecting the NHS, supporting working people, and rebuilding Britain for a better future.
