Labour Government Unveils First Budget in 14 Years

Chancellor Rachel Reeves is set to deliver Labour's first budget in 14 years, proposing a £40 billion package of tax increases and spending cuts aimed at addressing the UK's fiscal challenges. In a notable shift, Reeves has replaced a photo of former Chancellor Nigel Lawson with one of Ellen Wilkinson, a founding member of the Communist Party, symbolizing her commitment to Labour's historical values. Despite her promises to maintain stability in personal taxes for 'working people', some measures, such as potential hikes in National Insurance for employers, have sparked controversy and claims of broken election pledges. Critics argue that the planned tax changes could disproportionately affect pensioners and property owners, while Reeves insists her budget will lead to economic growth and improvements in public services. As she echoes Tony Blair's themes of investment and rebuilding, the budget is anticipated to face scrutiny over its impact on various demographics. The announcement will reveal how Reeves navigates the delicate balance of fiscal responsibility and her government's promises.