Budget 2024 latest: ‘Big and difficult choices’ warns health secretary as tax threshold freeze not ruled out
Speculation is mounting ahead of 30 October
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The health secretary has declined to rule out extending the freeze on income tax thresholds as speculation about possible tax increases in the Budget continued to mount.
Wes Streeting said he would not guess measures that the Chancellor might introduce in the Budget, but told broadcasters on Sunday morning that he had already agreed health spending with Rachel Reeves.
Mr Streeting told Sky News: What we’re not going to do is duck the difficult decisions, have Government by gimmick, short-term sticking plasters, because that is exactly how we ended up in this situation.”
He went on to say: “There are a whole load of choices that we will have to make that we would have preferred not to. But if we don’t make the choices now, we will end up paying a much heavier price for failure.
“We’re not prepared to do that. We’re going to make the right long term decisions.”
We’ll be bringing you all the latest updates ahead of the big event on 30 October here, on The Independent’s liveblog.
When is the 2024 Budget and what might be in it?
Chancellor Rachel Reeves will deliver Labour’s first Budget on Wednesday 30 October.
Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs. .
The speech outlines the government's plans for spending and taxes.
The Budget speech usually starts around 12:30pm and lasts about an hour. The Independent will be bringing you all the latest updates on the big day.
Ms Reeves may be considering pushing the freeze beyond its current expiry date of 2028 in a move that could raise £7 billion, according to the Financial Times.
Other measures reported to be under consideration include increasing employers’ national insurance contributions, raising fuel duty for the first time since 2010, changes to rules on inheritance tax and stamp duty, and a levy on e-cigarettes, according to reports across the media.
The Treasury has so far declined to comment on Budget speculation.
What should I do with my savings ahead of the Budget?
Ahead of the Budget on 30 October, there has been fevered speculation about changes to pension savers’ tax allowances and other perks.
Reports that pensioners could have tax breaks cut or axed led to savers withdrawing chunks of their retirement pots ahead of Chancellor Rachel Reeves’s big announcement.
What should I do with my savings ahead of the Budget?
Reports that pensioners could have tax breaks cut or axed have led to savers withdrawing chunks of their retirement pots ahead of the chancellor’s announcement
The real problem facing Rachel Reeves over the death tax...
... is that not only is it deeply unpopular, cautions James Moore – but it’s only a drop in the ocean when it comes to plugging the UK’s vast fiscal black hole
The real problem facing Rachel Reeves over the death tax...
... is that not only is it deeply unpopular, cautions James Moore – but it’s only a drop in the ocean when it comes to plugging the UK’s vast fiscal black hole
Tax-free cash withdrawals ‘surge while pension contributions plummet’ as savers panic over Budget rumours
Retirees are rushing to withdraw cash from their pensions ahead of feared cuts to tax-free benefits in the Budget, the boss of one of Britain’s top investment platforms has said.
Savers can typically take 25 per cent of their pension as a lump sum, up to a limit of £268,275, allowing them to avoid paying income tax, but Chancellor Rachel Reeves is reportedly considering a cut to the amount savers can withdraw without triggering a payment to HM Revenue & Customs.
Tax-free cash withdrawals surge as savers panic over Budget rumours
A shake-up of the UK’s generous pension tax allowances has been feared for several years as chancellors search for ways to raise money without further indebting the country or raising income tax
Workers set for income tax hike as Rachel Reeves ‘to extend freeze on thresholds’
Workers set for income tax hike as Rachel Reeves ‘to extend freeze on thresholds’
Conservatives have accused Keir Starmer and Rachel Reeves of preparing to break a manifesto pledge
ICYMI: How make-or-break Budget has fractured Keir Starmer’s cabinet
Rachel Reeves’ Budget is a make-or-break moment for Sir Keir Starmer’s government, potentially sparking a decade of national renewal – or sowing the seeds of Labour’s downfall.
The prime minister’s poll ratings are at rock bottom after just over 100 days in charge, and the much-hyped “tough choices” to be unveiled on October 30 will likely do little to help boost his appeal.
How make-or-break Budget has fractured Keir Starmer’s cabinet
With the prime minister’s poll ratings at rock bottom, Sir Keir Starmer is grappling with cabinet unity ahead of Rachel Reeves’ Budget, writes Political Correspondent Archie Mitchell
Keir Starmer’s cabinet is rebelling – what took them so long?
Led by Angela Rayner, several cabinet ministers have broken ranks on the chancellor’s demand for swingeing budget cuts – and the only winner from this early breakdown of party discipline will be the prime minister, says John Rentoul
Starmer’s cabinet is rebelling – what took them so long?
Led by Angela Rayner, several cabinet ministers have broken ranks on the chancellor’s demand for swingeing budget cuts – and the only winner from this early breakdown of party discipline will be the prime minister, says John Rentoul
Keir Starmer’s warning to ministers after cabinet Budget row erupts
Sir Keir Starmer has warned his senior ministers they will have to live with swingeing spending cuts after a cabinet row over the Budget erupted in public.
The prime minister is facing a backlash from Angela Rayner and other members of his top team over cuts to government departments set to be unveiled by the chancellor, Rachel Reeves.
Keir Starmer’s warning to ministers after cabinet Budget row erupts
Angela Rayner leads revolt against ‘huge’ spending cuts in Rachel Reeves’s Budget
Inheritance tax to rise in Budget as Reeves plans to hit well-off
The Treasury is reportedly considering plans to raise Inheritance Tax at the Budget, as part of an attempt to raise £40bn and plug a hole in the public finances. According to the BBC, the chancellor is considering multiple changes to the tax, which is charged at 40 per cent on the property, possessions and money of somebody who has died above a £325,000 threshold.
Inheritance tax to rise in Budget as Reeves plans to hit well-off
Just 5 per cent of all deaths incurred Inheritance Tax in 2022–23
Budget 2024: Inheritance tax set to rise – here’s what it means for you
Chancellor Rachel Reeves is reportedly planning changes to inheritance tax at the Budget as she looks to raise up to £40bn from tax hikes and spending cuts.
While specifics remain unclear, any changes could significantly affect how much families pay on inherited properties and their financial futures.
Inheritance tax set to rise – here’s what it means for you
Only around four per cent of families have to pay inheritance tax under current legislation
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