- News
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails
Sign up to our free breaking news emails
Sign up to our free breaking news emails
Email*SIGN UPI would like to be emailed about offers, events and updates from The Independent. Read our Privacy notice
Watch live as Rachel Reeves delivers her Budget speech on Wednesday (26 November).
The Chancellor is expected to unveil a raft of tax hikes as she tries to plug an estimated £30billion black hole in public finances.
Before the 2024 election, Labour promised not to increase income tax, National Insurance or VAT for "working people".
In her speech, Reeves is expected to bring in the first rail fares freeze for 30 years, slash green levies on energy bills and get rid of the controversial two-child benefit cap.
There are also reports that she will reduce the annual tax-free allowance in cash Individual Savings Accounts (ISAs) to £12,000, unveil a new mansion tax on properties over £2million, and put a cap on salary sacrifice pension contributions.
On Tuesday (25 November), health secretary Wes Streeting announced a “milkshake tax” as the drinks will now be hit by the sugar levy, whilst communities secretary Steve Reed unveiled a “tourist tax” which will allow mayors to levy a charge on overnight stays.
The Chancellor also confirmed that low-paid workers are to get a pay rise of 4.1% from April next year as minimum wage rates go up.
Ahead of her speech, Ms Reeves released a pre-recorded message on social media where she said she will make "fair and the necessary choices" to "deliver on [Labour's] promise of change".
More about
Rachel ReevesBudgetLabourWes StreetingJoin our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments