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    Watch live: Starmer and Reeves speak after Labour’s £40bn tax-raising Budget

    Your support helps us to tell the storyFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.CloseRead moreCloseWatch live as Sir Keir Starmer and Rachel Reeves deliver remarks during a visit to the West Midlands after the Budget announcement on Wednesday.The chancellor has unveiled Labour’s first Budget in 14 years, making history as the first woman to lead the fiscal event.Ms Reeves had made no secret of the difficult task she faced, with her announcement set against the backdrop of the £22bn ‘black hole’ in public finances she says was left behind by the previous Tory government.She revealed new taxation measures that aim to raise £40bn — the highest since 1993 — including an increase in employer national insurance contributions, capital gains tax, and changes to inheritance tax.On Thursday, Ms Reeves admitted the employer national insurance increase could hit workers’ pay.Asked whether the move is a jobs tax which will take money out of people’s pockets, the chancellor told BBC Radio 4’s Today programme: “This will have an impact in wage growth, for example.“Look, what alternative was there? We had a £22 billion black hole in the public finances.”She later added: “I did not want to increase the key taxes that working people pay: income tax, VAT and employee national insurance. So we have increased national insurance on employers.” More

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    Keir Starmer creates new ‘Europe Hub’ as PM eyes closer ties with EU post-Brexit

    Your support helps us to tell the storyFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.CloseRead moreCloseThe Home Office is creating a new “Europe Hub” as part of Sir Keir Starmer’s drive for closer ties with the European Union.The new unit, which will sit within the International Strategy, Engagement and Devolution Directorate, will reportedly be led by Dan Hobbs, director general of the Migration and Borders Group.Civil servants have been told the department will have responsibility for “ensuring that our strategic approach to this work is coherent, working collaboratively across the department”.According to the Guido Fawkes website, Home Office permanent secretary Matthew Rycroft said: “With shared global challenges in areas such as irregular migration, a strong UK-EU alliance is vital.The Home Office is creating a new ‘Europe Hub’ as part of Sir Keir Starmer’s drive for closer ties with the European Union More

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    Jeremy Hunt to step down as shadow chancellor with end of Tory leadership race in sight

    Your support helps us to tell the storyFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.CloseRead moreCloseJeremy Hunt has confirmed he is stepping down from the Conservative frontbench, calling for his party to be “humble” following July’s election defeat. The decision comes just hours before the Tory leadership race comes to an end, with polls closing at 5pm on Thursday.On Saturday morning, either Robert Jenrick or Kemi Badenoch will be crowned the new party leader.Mr Hunt, who served as chancellor under Rishi Sunak’s Conservative government and is currently the shadow chancellor, confirmed he will be stepping back from the role following Wednesday’s budget. He said he is unlikely to return to the frontbenches for “the next few years, at least”. Shadow chancellor Jeremy Hunt (Lucy North/PA) More

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    Rachel Reeves admits autumn Budget likely to hit pay for workers

    Labour’s Budget tax increase on employers could hit workers’ pay, Rachel Reeves has admitted.Asked whether the move is a jobs tax which will take money out of people’s pockets, the chancellor told BBC Radio 4’s Today programme on Thursday (31 October): “This will have an impact in wage growth, for example.“Look, what alternative was there? We had a £22 billion black hole in the public finances.”She later added: “I did not want to increase the key taxes that working people pay: income tax, VAT and employee national insurance. So we have increased national insurance on employers.” More

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    Robert Jenrick calls Rachel Reeves ‘compulsive liar’ during fiery TV interview on autumn Budget

    Robert Jenrick accused Rachel Reeves of “telling packs of lies for months” following Labour’s Budget announcement.Speaking to Sky News on Thursday (31 October), the Tory leadership candidate accused the chancellor of acting “like a compulsive liar” and “inventing a black hole” in public finances.“They’re making it up to justify immense tax rises,” Mr Jenrick added.Ms Reeves announced an increase in employer national insurance contributions, capital gains tax, and changes to inheritance tax.In its general election manifesto, Labour promised not to increase taxes on working people.“She’s been telling a pack of lies for months now,” Mr Jenrick went on. More

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    Treasury chief secretary and Newsnight’s Victoria Derbyshire in heated Budget tax hike clash

    Treasury chief secretary Darren Jones had a heated clash with BBC Newsnight’s Victoria Derbyshire over Labour’s tax hikes in the Budget on Wednesday, 31 October.The MP for Bristol North West defended Rachel Reeves’ decision to hike employer national insurance by 1.2 percentage points from April next year.Critics warned changing the UK’s second-biggest tax will have a knock-on impact on hiring, wages and staff benefits.When asked to be “honest” about how the trade-off of the rise will be “fewer people in work,” Mr Jones told Ms Derbyshire: “I will not take any suggestion that I’m being dishonest in my answers.” More

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    Taxes will have to rise further despite Reeves’ £40bn tax grab, IFS director warns

    Your support helps us to tell the storyFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.CloseRead moreCloseRachel Reeves will have to raise taxes further in the coming years despite her Budget on Wednesday containing £40bn of tax increases, a top economist has warned.The chancellor has pencilled in spending plans almost as implausible as her predecessor Jeremy Hunt, according to the head of the Institute for Fiscal Studies (IFS).Rachel Reeves has hit back at criticism, insisting that public services in the UK “needed an immediate injection of cash” and pointed out that the International Monetary Fund (IMF) has backed her Budget.She said: “I do own the decisions I took yesterday. They were the right ones to protect public services and the standard of living of people in this country. I had to make difficult choices but that was necessary to start to rebuild our country.”But IFS director Paul Johnson said he would bet “an awful lot” that Ms Reeves will have to boost spending further at future Budgets to appease her cabinet colleagues.Rachel Reeves will have to raise taxes further, Paul Johnson has said More

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    Tax calculator: See how Rachel Reeves’ Budget will affect you

    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 unveiled huge tax hikes of £40bn in her Budget as Labour bids to fix the nation’s finances.Key policies include a hike in employers’ national insurance contributions, a rise in stamp duty for second homes and a freeze on fuel duty.Capital gains tax will also rise – to 18 per cent for the lower rate and 24 for the higher – while the chancellor also unveiled a reform of inheritance tax.After months spent warning the public of “tough choices” ahead, Ms Reeves promised to “invest, invest, invest” in order to “fix public services” and announced a £22.6bn increase in the day-to-day NHS health budget.But Tory criticisms were echoed by independent expert Paul Johnson of the Institue for Fiscal Studies, who said Ms Reeves had taken a “huge gamble”.Follow our live blog on the budget by clicking here.The Independent’s Budget calculator, created by tax advisory firm Blick Rothenberg, below will help you to determine whether you are better or worse off following Wednesday’s statement.Enter a few details such as how much you earn, whether you are single, if you are in a couple or have a family to see how your finances will be affected. More