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Keir Starmer refuses to rule out raising national insurance contributionsYour support helps us to tell the storyThis election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.Help us keep bring these critical stories to light. Your support makes all the difference.CloseRead moreCloseRachel Reeves will announce Labour’s first Budget since coming into power on 30 October, leading one of the most anticipated fiscal events in over two decades.Ahead of her announcement, the chancellor has said “taxes will need to rise” in her starkest warning to the public yet. Writing in the Financial Times, the chancellor added that this will come alongside “tough decisions on spending and welfare.”Ms Reeves also strongly hints that she will be revising Labour’s fiscal rule around debt, unlocking a potential £57bn for investment, writing that the rule “will make space for increased investment in the fabric of our economy”.Meanwhile, Sir Keir Starmer is attending the Commonwealth Heads of Government Meeting (Chogm) in Samoa, where he has issued a strong rallying call regarding the upcoming fiscal event. “We are going to tackle the inheritance in this Budget,” he said, adding: “I’m not prepared to walk past it.We’ll be bringing you all the latest updates ahead of the big event on 30 October here, on The Independent’s liveblog.Show latest update 1729775972Starmer discusses Budget in SamoaSpeaking while travelling to Samoa for a meeting of Commonwealth leaders, Sir Keir addressed Labour’s inheritance from the Conservatives head on, saying: “I am not prepared to walk past it.”“Obviously there are other Budgets to come but this is a significant one which will set the approach, the framework if you like, and it will give a sense of how we intend to do business.“We are going to tackle the inheritance in this Budget.“I’m not prepared to walk past it. I’m not prepared to put it off and that is a signal of the way I want to do business which is not to pretend our problems aren’t there, it’s to actually roll up our sleeves and deal with it.”Albert Toth24 October 2024 14:191729765853Budget will ‘face up’ to black hole in public finances, Keir Starmer vowsSir Keir Starmer has said the Budget will “face up” to the reality of Labour’s inheritance from the Conservatives as Rachel Reeves prepares to borrow tens of billions of pounds to invest in Britain’s crumbling infrastructure.Ahead of the party’s first Budget in 15 years, the prime minister promised to tackle the hole left in Britain’s public finances and give the public “a sense of how we intend to do business” going forward.Budget will ‘face up’ to black hole in public finances, Keir Starmer vowsRachel Reeves’ Budget is expected to be a mixed bag, with deep spending cuts and sharp tax rises offset by a debt-funded spending spree of tens of billionsArchie Mitchell24 October 2024 11:301729761217How could a change to debt rules ‘unlock’ £50bn for Labour?Rachel Reeves will reportedly unveil a major change to Labour’s fiscal rules at the budget on 30 October by borrowing billions for infrastructure investment.Following weeks of speculation, the chancellor will reveal her plans to change Britain’s debt rules at the International Monetary Fund’s (IMF) annual meeting in Washington on 24 October.There’s a few ways she could do this – here’s everything you need to know:How Reeves might unlock £57 billion at the budget in ‘simple’ fiscal rule changeExperts have urged the chancellor to consider tweaking a Labour manifesto pledge Albert Toth24 October 2024 10:131729759942Reeves confirms disposable vape ban as new taxes still on the cardsThe sale of disposable vapes will be banned in England and Wales from next year.Under legislation laid out by the Labour government in Parliament, it will be illegal for retailers to sell the devices from 1 June 2025.It has been reported that Rachel Reeves is also considering raising the tax further as part of her Budget to be unveiled at the end of the month.Labour has already outlined its ambition to reduce the amount of young people smoking or vaping, bringing in new rules as part of the Tobacco and Vapes Bill.Labour’s war on vaping explained: From disposable ban to higher taxesDisposable vapes will be banned from sale in England and Wales from 1 June, 2025 – as Labour reportedly considers increasing a incoming tax on vaping products Albert Toth24 October 2024 09:521729749600ICYMI: Reeves considers ‘Amazon tax’ in business rates reform driveThe chancellor is reportedly considering a new ‘Amazon tax’ that would see business rates paid my online tech giants increased.Industry sources understand that a consultation will be launched after Ms Reeves announces the Budget on 30 October. This means the plans may get a mention.It comes after Labour wrote in its manifesto that it would reform the business rates system to “level the playing field between the high street and online giants.”The manifesto added that the current system “disincentivises investment, creates uncertainty and places an undue burden on our high streets.”Albert Toth24 October 2024 07:001729738800Budget rumours: Inheritance Tax reformInheritance tax is a levy on the estate of someone who has died. This is their property, money and possessions. Crucially, it is not paid if the value of these things is below £325,000.The tax rate is 40 per cent, but it’s only charged on the part of the estate that’s above the threshold. In 2023/24, only 5 per cent of deaths generated an inheritance tax bill, raising around £7 billion.However, the IFS writes that the tax measure “is littered with special exemptions”. These include a business relief, the ability to pass on agricultural land tax-free, and the tax-free passing on of pension pots.The economic think tank says that ending these measures alone would raise £4.8bn a year by 2029.Albert Toth24 October 2024 04:001729728000ICYMI: Rachel Reeves boosted by big drop in inflation as she seeks £40bn in Budget tax risesRachel Reeves has been boosted by a sharp drop in inflation as she seeks to find £40bn of tax hikes and spending cuts in this month’s Budget.The chancellor will welcome the dip, which saw inflation fall under the Bank of England’s 2 per cent target for the first time in more than three years, as she prepares for what promises to be a brutal Budget.Rachel Reeves boosted by big drop in inflation as she seeks £40bn in Budget tax risesThe fall in inflation comes as Rachel Reeves looks for £40bn of spending cuts and tax hikes in the October 30 Budget Albert Toth24 October 2024 01:001729717200Budget rumours: Taxing pension savingsPension tax relief is a reduction of the amount of tax paid on private pensions. It helps workers save for retirement by boosting their pension pots.The amount of tax relief a person is granted is based on their income tax. It will effectively cancel out tax on pension contributions up to a maximum of £60,000.After this, contributions will be taxed at either 20, 40, or 45 per cent, depending on which income tax rate the worker falls into.However, the chancellor is thought to be considering a flat 30 per cent pension tax relief rate. This would mean that higher earners would effectively pay 10 per cent in tax, while those on the additional rate would pay 15.The measure would raise around £3 billion a year, with 7 million earners paying more tax. But it would be better news for basic rate earners, who would actually begin to receive a 10 per cent boost to their pension contributions.Evaluating the idea last year, the IFS said it would “redistribute the burden of taxation from the bottom 80 per cent to the top 20 per cent of earners.”Albert Toth23 October 2024 22:001729706400ICYMI: Millionaires urge Reeves to raise £14bn from capital gains tax changes at BudgetRachel Reeves should increase capital gains tax (CGT) at Labour’s upcoming Budget, a group of millionaire business owners have urged, estimating the measure would raise £14bn a year.In a report by the IPPR think-tank, analysts have consulted with wealthy entrepreneurs who say higher CGT would not have stopped them from making investments in the UK.Millionaires urge Reeves to raise £14bn from capital gains tax changes at BudgetGovernment analysis has previously all but ruled out the measuresAlbert Toth23 October 2024 19:001729695600Budget rumours: Capital Gains reformCapital 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.Albert Toth23 October 2024 16:00 More

Your support helps us to tell the storyThis election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.Help us keep bring these critical stories to light. Your support makes all the difference.CloseRead moreCloseRachel Reeves has announced a change to the fiscal rules ahead of next week’s budget, allowing her to borrow billions more each year. The chancellor today confirmed her rules will “make space for increased investment in the fabric of our economy”, amid widespread expectation she will change the way debt is measured.She said her “investment rule” would “get debt falling as a proportion of our economy”.“That will make space for increased investment in the fabric of our economy, and ensure we don’t see the falls in public sector investment that were planned under the last government”, she wrote in the Financial Times on Thursday. She is expected to change the measure of debt to one which includes a wider range of state assets and liabilities. Using the new fiscal rule, Ms Reeves would seek to fund about £20bn pounds a year of extra investment using increased borrowing, the newspaper reported, giving her more room for manoeuvre in the October 30 Budget and allow her to invest in Britain’s crumbling infrastructure. Sir Keir Starmer is in Samoa for the Commonwealth Heads of Government Meeting (Stefan Rousseau/PA) More

Your support helps us to tell the storyThis election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.Help us keep bring these critical stories to light. Your support makes all the difference.CloseRead moreCloseKeir Starmer has flown into an explosive row over reparations for the transatlantic slave trade at a summit in Samoa.Commonwealth leaders are preparing to defy the prime minister and agree plans to examine how there can be ‘reparative justice’ over the issue. The move comes despite Sir Keir’s call for the group to look to the future at the Commonwealth Heads of Government meeting (Chogm), which begins in the pacific nation on Friday.The prime minister was expected to come under direct fire over slavery at the event, after the prime minister of the Bahamas Philip Davis said he was seeking a “frank talk” with Sir Keir about reparations. Diplomatic sources said officials are already negotiating an agreement to conduct further research and begin a “meaningful conversation”, which could leave the UK owing billions of pounds in reparations.British prime minister Keir Starmer on 22 October 2024 in Apia, Samoa More

Your support helps us to tell the storyThis election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.Help us keep bring these critical stories to light. Your support makes all the difference.CloseRead moreCloseSir Keir Starmer is under pressure to re-examine the UK’s relationship with the European Union, as a new group of MPs from across the political spectrum has formed to urge the prime minister to forge closer ties with the bloc. The group, which aims to “discover areas of mutual co-operation and interest” and probe the UK-EU relationship, held its first meeting on Tuesday,The Independent understands.The group will seek to “foster positive relationships with colleagues across Europe”, as well as “encouraging an open and honest dialogue for politicians of all stripes”, co-chair Dr Rosena Allin-Khan said. The meeting was attended by multiple prominent Labour backbenchers including Dawn Butler, Yasmin Qureshi and Marsha de Cordova.Prime Minister Keir Starmer shakes meets with European Commission president Ursula von der Leyen at the European Commission headquarters during his visit to Brussels More

Your support helps us to tell the storyThis election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.Help us keep bring these critical stories to light. Your support makes all the difference.CloseRead moreClose Chipmaker Intel won a fresh victory on Thursday in a long-running battle against European Union competition watchdogs when the bloc’s top court confirmed a lower tribunal’s decision to overturn a billion-euro antitrust penalty. The EU’s Court of Justice said it upheld the decision to annul the fine issued more than a decade ago, dismissing an appeal from the European Commission, the 27-nation bloc’s top antitrust enforcer.The court said it “rejects all of the grounds of appeal raised by the Commission,” according to a press release summarizing the decision. Intel said in a statement that it’s “pleased with the judgment delivered by the Court of Justice of the European Union today and to finally put this part of the case behind us.”The case dates back to 2009, when the Commission slapped Intel with a 1.06 billion euro fine ($1.14 billion at current exchange rates) for allegedly using illegal sales tactics to shut out smaller rival AMD. The Commission accused Intel of abusing its dominant position in the global market for x86 microprocessors with a strategy to exclude rivals by using rebates.Intel scored a surprise win in 2022 when the EU’s General Court overturned the penalty, the decision that the Court of Justice backed on Thursday. The latest decision is still not the end of the road for the case, because the company is battling a separate 376.4 million-euro fine that Brussels imposed last year targeting some Intel sales restrictions that the General Court found were unlawful in its 2022 ruling. More