Rachel Reeves has laid into “chaotic” Brexit in her recorded pre-Budget address to the nation – just hours before her statement to the Commons.
The Chancellor claimed Labour had started to see results in the past year with “wages rising faster than inflation, hospital waiting lists coming down, and our economy growing faster and stronger than people expected”.
She continued: “But I know there is more to do… I know that the cost of living is still bearing down on family finances, I know that people feel frustrated at the pace of change, or angry at the unfairness in our economy.
“I have to be honest that the damage done from austerity, a chaotic Brexit and the pandemic were worse than we thought.
“But I’m not going to duck those challenges, and nor will I accept that our past must define our future. It doesn’t have to.”
Today, Ms Reeves will end months of speculation and reveal exactly what is in her tax plans.
She is likely to announce tens of billions of pounds of new tax increases – and last night, it emerged that she would move to introduce a so-called “dirty dozen” of raids.
FOLLOW BELOW FOR LIVE UPDATES THROUGHOUT THE DAY…
Nigel Farage delivers wealth exodus warning ahead of Rachel Reeves’s Budget
Reform UK leader Nigel Farage has warned young people could leave in their droves as a result of Rachel Reeves’s tax-hiking Budget.
Mr Farage said: “As Rachel Reeves prepares to deliver her budget, I wonder how many more young and ambitious people will plan to leave the country by the end of the day.”
The Clacton MP’s comments come just days after the Office for National Statistics admitted it had underestimated how many Britons had left the country.
Net migration came down after revised data revealed the number of British nationals who had left the UK had risen from 77,000 to 257,000.
Short Budget history: From the red box to Chancellor’s tipple
Political geeks will know about a few surprising Budget traditions since Sir Robert Walpole delivered the first fiscal statement in 1733.
William Gladstone delivered the longest Budget speech 120 years later, standing in the House of Commons for a staggering four hours and 45 minutes.
Gladstone’s arch-rival, future Tory Prime Minister Benjamin Disraeli, was on his feet for the shortest period when he spoke for just 45 minutes in 1867.
However, Disraeli fans could claim “Dizzy” managed to snatch Gladstone’s crown with his five-hour Budget in 1852, albeit liberal-leaning history nerds would point out that only came after a break.
There has also been a longstanding tradition for Chancellors to enjoy an alcoholic beverage while delivering their Budget.
Kenneth Clarke was the last Chancellor to drink from the despatch box, opting for a glass of Scotch whisky in 1997.
Meanwhile, Nigel Lawson enjoyed a spritzer, Geoffrey Howe chose a glass of gin and tonic, Disraeli’s choice was brandy and water, while Gladstone preferred sherry and beaten egg.
The iconic red Budget box, which Chancellors now pose with outside No11, was hand-crafted for Gladstone around 1860.
It was later lined with black satin and covered with scarlet leather.
Jim Callaghan became the first Chancellor to break with the tradition when he used a new box in 1965.
George Ward Hunt, an ancestor of ex-Chancellor Jeremy Hunt, is also said to have invented a key Treasury tradition in 1868.
“He delivered one budget but forgot his speech and had to dash back to No11 to fetch it,” Mr Hunt told The Spectator.
“MPs were furious. His successor held up the red box and shook it outside No11 to prove he hadn’t forgotten his speech, and that’s how the tradition began.”
Most Britons think Rachel Reeves could avoid tax hikes, damning poll reveals
Most Britons think Rachel Reeves could avoid tax hikes, damning poll reveals
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MORE IN COMMON
A majority of Britons think Rachel Reeves could avoid putting up taxes, a damning new poll has revealed.
Polling conducted by More in Common found that 57 per cent believe the Chancellor has other options, with just 25 per cent saying Ms Reeves had no choice.
The figure jumps to almost three-in-four Britons among 2024 Reform UK and Tory voters, with half of Labour and Liberal Democrat supporters also disagreeing with the Chancellor.
‘It’s a multi-car pile-up!’ Richard Tice issues dire economic warning as ‘nanny’ Rachel Reeves plots minimum wage hike
Reform UK’s deputy leader issued a dire warning about the impact of minimum wage increases
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GB NEWS
Reform UK’s deputy leader Richard Tice has issued a dire warning about Rachel Reeves’s decision to hike the minimum wage to £12.71.
“If you impose too many employment regulations, then people won’t employ people,” Mr Tice told GB News.
“If you raise the minimum wage by too high a percentage, by over double the rate of inflation, don’t be surprised if businesses start not to employ young people.”
The Boston & Skegness MP added: “This is an absolute tragedy by a Government that has not a clue what they’re doing.
“They’re essentially driving our economy into some nightmare multi-car pile-up over the cliff.”
PICTURED: Cabinet Ministers arrive at No10 ahead of Budget
PICTURED: Cabinet Ministers arrive at No10 ahead of Budget
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PA
‘I didn’t ask you that!’ Eamonn Holmes clashes with Labour Minister over Budget leaks
Darren Jones discusses the Budget with GB News
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GB NEWS
GB News star Eamonn Holmes has clashed with Darren Jones ahead of Rachel Reeves’s Budget later today.
After Eamonn asked the Chancellor of the Duchy of Lancaster about Labour’s hopes for the Budget, Mr Jones merely said he could not speculate about what Ms Reeves might say at 12.30pm.
Eamonn interrupted Mr Jones, raising his hand and saying: “Can I stop you there?”
“I am fed up of leaked stories coming from your end about what is in the Budget and the Chancellor going on and releasing a YouTube video last night,” Eamonn added.
Keir Starmer promises to ‘secure Britain’s future’ in pre-Budget statement
Sir Keir Starmer has promised to “secure Britain’s future” in a short-statement released ahead of today’s Budget at 12.30pm today.
In a social media post, the Prime Minister said: “Today’s Budget is about taking fair choices.
“It will focus on your priorities: cutting the cost of living, cutting waiting lists and cutting the national debt.
“This Labour Government will deliver strong foundations for our economy and secure our country’s future.”
Minimum wage hike risks employment crisis for young Britons, top Tory warns
The decision to increase minimum wage to £12.71 risks an employment crisis for young Britons, a top Tory MP has suggested.
Speaking to GB News this morning, Richard Fuller, who serves as Shadow Chief Secretary to the Treasury, said: “It’s nice when people get an increase in pay, but if you take last year’s increase and this year’s increase in the minimum wage, that’s a 25 per cent increase in the cost of employing a young person.
“That will have an effect on whether businesses want to take the risk in taking someone who is new, and perhaps unskilled, and train them up.
“When you layer on top of that Labour’s job-destroying Employment Rights Bill, which will put more regulations on small businesses, you look at the round of all that, and you have to say, what is that going to do to the employment prospects of young people in the first place?”
Lib Dem MP pushes Rachel Reeves to forge closer ties with EU
Rachel Reeves must forge closer ties with the European Union to deliver growth, a Liberal Democrat MP has told GB News.
Appearing on The People’s Channel this morning, Calum Miller said: “We think there’s a great opportunity for the Government to cut some of that red tape by improving our relationship with Europe, especially for our small manufacturers and exporters, who are tied up in that red tape and unable to grow their businesses.
“That’s a real opportunity for the Government to get on with that relationship with Europe and improve the growth prospects for the country.”
However, the Liberal Democrat MP also warned Ms Reeves not to repeat her 2024 Budget, claiming it “hit small businesses and hit households”.
PICTURED: Tractors carrying anti-Labour placards spotted in Westminster
Richard Tice backs farmers as Budget battle-lines begin to be drawn
Reform UK’s Richard Tice has backed protesting farmers this morning in his party’s first assault on the Budget today.
He said: “Hundreds of huge tractors are already in central London horns, blaring lights flashing.
“Farmers are furious at the socialist assault by Labour on British food production.”
Tractors seen cruising down M4 in defiant protest against Met Police restrictions
Columns of tractors have been seen rolling down the M4 on Wednesday morning
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PA
Columns of tractors have been seen rolling down the M4 ahead of a planned Budget day protest in central London.
Dozens of the farm vehicles, some draped in Union Flags and St George’s Crosses, can be seen descending on the capital – in the face of Metropolitan Police restrictions banning tractors and agricultural machinery from Whitehall.
Farmers had planned to protest the hated Family Farm Tax outside Downing Street on Wednesday while Rachel Reeves delivered her Budget before the force took action.
Last night, it emerged the decision to muzzle the protest originated from “someone very high up”, leaving organisers stunned, according to the Daily Express.
WATCH: GB News National Reporter Will Godley speaks to farmers ahead of a potential tractor protest in Westminster for the Budget
IN FULL: The ‘dirty dozen’ tax raids expected at the Budget
Budget 2025: The ‘dirty dozen’ – which taxes might Rachel Reeves hike at the despatch box?
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GB NEWS
The 12 taxes expected to rise are on cash ISAs, Chinese imports, cycle-to-work schemes, dividends, electric vehicles, gambling, incomes, sugary drinks, salary sacrifice schemes, homes worth more than £2million, taxis and tourists.
Ahead of her “nightmare before Christmas” address, the Chancellor said she would “take the fair and necessary choices to deliver on our promise of change”.
“I will not return Britain back to austerity, nor will I lose control of public spending with reckless borrowing,” Ms Reeves vowed in a broadside against her outspoken critics on the Labour left.
Though rather than the “dirty dozen”, the Chancellor has instead spun her hikes as three priorities: cutting the cost of living, cutting NHS waiting lists alongside delivering public service reforms, and starting to reduce the cost of public debt.
“I will push ahead with the biggest drive for growth in a generation,” she added. “Investment in roads, rail and energy. Investment in housing, security and defence. Investment in education, skills and training.
“So together, we can build a fairer, stronger, and more secure Britain.”
WATCH: Rachel Reeves previews the 2025 Budget in a message to Britain
Rachel Reeves has warned that Britons are “angry at unfairness” in the economy before she unveils her Budget.
In a filmed address ahead of the statement, the Chancellor railed against Brexit – but vowed the “past must not define our future”.
She claimed Labour had started to see results in the past year with “wages rising faster than inflation, hospital waiting lists coming down, and our economy growing faster and stronger than people expected”.
Ms Reeves continued: “But I know there is more to do… I know that the cost of living is still bearing down on family finances, I know that people feel frustrated at the pace of change, or angry at the unfairness in our economy.
“I have to be honest that the damage done from austerity, a chaotic Brexit and the pandemic were worse than we thought.
“But I’m not going to duck those challenges, and nor will I accept that our past must define our future. It doesn’t have to.”
Budget 2025: When and where to watch Rachel Reeves make her statement
The Chancellor is set to outline the Budget to the Commons at 12.30pm today – half an hour after Sir Keir Starmer takes PMQs at midday.
You’ll be able to watch her statement LIVE HERE – and we’ll bring you the latest news and analysis before, during and after it on this live blog.
WATCH: Farmer issues stark Labour warning as police U-turn on planned Budget protest: ‘They’ll need the army to stop them!’
The five taxes to watch out for in the Budget – and what they mean for your wallet – ANALYSIS by Elliot Keck
PICTURED: The official Budget 2025 document as unveiled by the Treasury on Tuesday
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TREASURY
Despite, or perhaps because of, months of speculation, there’s little we can say with certainty about what exactly is going to be in this Budget, Elliot Keck of the Taxpayers’ Alliance writes.
What we do know is that Rachel Reeves is expected to announce a package of tax rises aimed at balancing the books.
So what could actually be announced when the Chancellor reveals the Budget later today, and what will it mean for households up and down the country?
Elliot now reveals the main ones to watch – READ HIS FULL ANALYSIS HERE