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.
Budget rumours: Capital Gains reform
Capital Gains Tax (CGT) is paid on the profit made when an asset which has increased in value is sold. It is applied to things like the sale of personal possessions worth more than £6,000 (apart from a car), property that’s not the seller’s main home, shares and business assets.
It is charged at 10 or 18 percent for basic rate taxpayers, and 20 or 24 for higher or additional rate earners. There is a tax-free allowance of £3,000.
There are several ways CGT could be changed. In the run-up to the election, the Lib Dems and Greens both said they would rethink the tax bands to be more similar to income tax, raising an estimated £5.2bn a year.
Analysis: 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
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