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    Budget 2024 live: Reeves to pledge more ‘pounds in people’s pockets’ as minimum wage to rise to £12.21

    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 pledge to put “more pounds in people’s pockets” when she announces her first Budget on Wednesday.After months of warning the public of the “tough choices” ahead, Ms Reeves is expected to promise to “invest, invest, invest” in order to “fix public services”.Reeves is expected to say in her speech today: “My belief in Britain burns brighter than ever. And the prize on offer to today is immense.“More pounds in people’s pockets. An NHS that is there when you need it. An economy that is growing, creating wealth and opportunity for all. Because that is the only way to improve living standards.“And the only way to drive economic growth is to invest, invest, invest. There are no short cuts. To deliver that investment we must restore economic stability.”The minimum wage will increase to £12.21, the Treasury revealed on Tuesday evening.Ms Reeves has described the 6.7 per cent increase as a “significant step” towards creating a “genuine living wage for working people” – although it falls short of the £12.60 an hour sum recommended by the Living Wage Foundation.Show latest update 1730253600Full report: Rachel Reeves pledges to ‘invest, invest, invest’ as she prepares to unveil historic Labour BudgetIn what is expected to be a Budget of record-breaking tax rises involving “tough choices” to “fix public services”, Ms Reeves will hold out some hope with a rallying cry that she intends to “invest, invest, invest” to turn the country around.The rhetoric appears to deliberately echo Tony Blair’s three priorities of “education, education, education” ahead of the 1997 election as Ms Reeves attempts to grasp the optimism of his New Labour government in what is widely expected to be a gloomy Budget.The Independent’s Political Editor David Maddox reports:David Maddox30 October 2024 02:001730250000‘Serious concern’ among small business owners about Budget tax risesSmall business owners are “seriously concerned” by the possibility of tax rises in the Budget on Wednesday.Some fear they will need to cut their employee headcount, including paraplanning business owner Steve Luke, 56.“I’m seriously concerned that if the Budget is as bad as I’m expecting then we may have to reduce the workforce from nine to seven or eight,” he told PA.Mr Luke says he is concerned the government will not view him as a “working person” in the Budget, as he takes a small salary from the business while also paying himself a dividend due to fluctuating income.Farmer and landlord Richard Payne, 61, who owns around 500 acres of land and rents 150-200 acres for wheat, barley, oilseed rape and canola farming, says he is “extremely nervous”.“Whilst I’m probably not going to be clobbered hard on national insurance contributions, because we don’t employ a huge number of people… I’m more worried about taxation on profit, if we make any, and also, in my case, losing agricultural property leave or business property relief on our assets,” he said.Joy Francis, 76, the owner of two nurseries and employer of 22 people, fears the increase on employer’s national insurance contributions.“(The Government) just doesn’t seem to grasp the concept of small businesses being the backbone of the economy and we’re not all money-grabbing people with shareholders to pay.”Alex Croft30 October 2024 01:001730246520Chancellor must fund Scotland “immediately and significantly”, John Swinney saysFunding for Scotland must increase “immediately and significantly” in Wednesday’s budget, first minister John Swinney has said.At a reception for business leaders on Tuesday, Mr Swinney said: “The Office for Budget Responsibility highlighted recently the potential for public investment to deliver permanent improvements in the economy.“It is welcome that my calls for the Chancellor to amend her fiscal rules have been heard, with indications last week that there will be scope for greater investment.“The Chancellor has the chance to choose to deliver a UK Budget that invests in our public services and supports the entrepreneurial spirit displayed in Scotland’s business sector.“With these new rules in place, the Chancellor must use the fiscal headroom they create to deliver a Budget that immediately and significantly enhances Scotland’s resource and capital funding, enabling us to invest more in our public services and take forward the vital infrastructure projects that support economic growth, net zero, and action to tackle child poverty.”The Scottish government recently made more than £500 million of in-year cuts, with Scotland’s finances in significant difficulty.Mr Swinney has also called for an Acorn carbon capture and storage facility in the north east of Scotland to be funded after it was overlooked twice by successive UK governments.Chancellor Rachel Reeves, left, with first minister John Swinney, right More

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    Rachel Reeves pledges to ‘invest, invest, invest’ as she prepares to unveil historic Labour Budget

    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 will unveil her historic Budget – the first by a Labour chancellor in 14 years – with a message of hope for the UK as she pledges to deliver economic growth and put money back in people’s pockets with a rise in the national minimum wage.In what is expected to be a Budget of record-breaking tax rises involving “tough choices” to “fix public services”, Ms Reeves will hold out some hope with a rallying cry that she intends to “invest, invest, invest” to turn the country around.The rhetoric appears to deliberately echo Tony Blair’s three priorities of “education, education, education” ahead of the 1997 election as Ms Reeves attempts to grasp the optimism of his New Labour government in what is widely expected to be a gloomy Budget.The first female chancellor in the position’s 803-year history will tell the country her “belief in Britain burns brighter than ever” and while she will be making some difficult decisions “the prize on offer to today is immense”.Reeves prepares for the autumn Budget More

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    Martin Lewis issues pension credit warning to Rachel Reeves hours before budget

    Martin Lewis has issued a pension credit warning to chancellor Rachel Reeves just hours before the autumn UK budget.The Martin Lewis Money Saving Show returned on Tuesday (29 October), and saw the financial guru take a question about the winter fuel payment from a woman whose husband died just two weeks ago.The woman wanted to know if she would be eligible for pension credit.Mr Lewis said: “You have to be on an income of under £11,400 to be eligible. It’s a very tight means test and is critically underclaimed.”Mr Lewis then revealed he will host a budget special of his show on Thursday and hopes the chancellor will join him.He warned: “I will be talking about winter fuel payment without you chancellor, so you may as well be here. It would be a lot better.” More

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    Labour Manchester mayor Andy Burnham breaks ranks to reject Keir Starmer’s bus fare cap rise

    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 moreCloseThe Labour mayor of Greater Manchester Andy Burnham has broken ranks with Sir Keir Starmer to reject controversial plans to raise the bus fare cap by 50 per cent.The cost of a bus journey in the city will still be capped at £2, Mr Burnham has announced.Sir Keir announced in a speech in Birmingham on Monday the maximum bus fare will rise to £3 in England until the end of 2025, in a bid to ease pressure on the public finances.The hike will be announced at Rachel Reeves’ Budget on Wednesday as the government tries to plug a £22bn hole in the public finances.But Mr Burnham said on Tuesday that Manchester would “proceed with our plan to introduce a new simpler, flatter fare structure based around a £2 single fare” at the start of January.Andy Burnham said bus fares will still be capped at £2 in Manchester More

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    Five key things set to be announced in autumn 2024 budget

    Chancellor Rachel Reeves will make history as the first female chancellor to present the UK Budget on Wednesday (30 October).Ms Reeves has repeatedly warned the Budget will involve “difficult decisions”, blaming the last Conservative government for leaving a £22bn black hole in the public finances.On Tuesday (29 October), the chancellor took questions from MPs in the House of Commons, where she vowed “no working people will have higher taxes” after she unveils Labour’s first Budget since 2010.From targeted tax increases to education investment, The Independent’s Camille Chorley takes a look at some of the key measures set to be announced. More

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    Rachel Reeves hands low-paid a £1,400 boost as minimum wage to rise by 6.7%

    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 moreCloseMillions of workers will be handed inflation-busting pay increases as Rachel Reeves hikes up the minimum wage by 6.7 per cent.The chancellor will increase the measure, also known as the national living wage, from £11.44 per hour to £12.21 in April next year.The change amounts to a £1,400 annual pay rise for a full-time worker on the national living wage. The government will also increase the minimum wage for 18- to 20-year-olds by £1.40 per hour as part of a plan to end the disparity between younger and older adult workers. In total, the change means 3.5m people workers on the minimum wage will receive a pay boost.Rachel Reeves will deliver her first Budget on Wednesday More

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    Who is Rachel Reeves? From child chess champion to first female chancellor to deliver UK Budget

    Rachel Reeves will present her first Budget as the UK’s first female chancellor to the House of Commons on Wednesday (30 October).Ms Reeves is the first female to hold the second most important role in government in 803 years of the office.The Independent takes a closer look at the chancellor’s life, from being raised in southeast London by her teacher parents, to becoming a school chess champion and working at the Bank of England.We reveal all you need to know about the woman chosen to change the country. More

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    Voices: Tory leadership contest: What’s next for the party? Ask Andrew Grice anything

    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 moreCloseWelcome to an exclusive Ask Me Anything session with me, Andrew Grice, political columnist for The Independent.Keep scrolling for more. If you want to jump straight to the Q&A click here.The Conservative Party leadership race has entered its final stage, with Kemi Badenoch and Robert Jenrick the last two candidates vying to lead the party and become the next leader of the opposition.With voting set to close on 31 October and the winner announced on 2 November, the question now is: who will galvanise the party ahead of the next general election?Both candidates are seen as representing the right wing of the party, but significant differences in their policy focus and leadership styles have triggered debate among MPs and party members. Badenoch, known for her outspoken opposition to “woke” culture and her stances on immigration and gender identity, presents herself as a strong cultural warrior. Jenrick, on the other hand, brings his experience in housing and immigration policy, though he’s faced criticism for past controversies, particularly around accusations of bias during his time as housing secretary.As the party grapples with internal divisions and declining public trust, key questions remain: Can either candidate succeed in reducing the perception of sleaze within the party, following a series of scandals in recent years? For the uninitiated, what are the key differences between the two candidates — if any exist?And, perhaps most crucially, does either Badenoch or Jenrick have what it takes to unite the party and lead it to victory against Keir Starmer’s Labour in the next general election?If you have a question about the candidates, their policies, or the future direction of the Conservative Party, submit it now or join me live for our “Ask Me Anything” event on Thursday 31 October at midday.Register to submit your question in the comments box under this article. If you’re not already a member, click “sign up” in the comments section to leave your question. For a full guide on how to comment click here.Don’t worry if you can’t see your question – they may be hidden until I join the conversation to answer them. Then join us live on this page at 12pm as I tackle as many questions as I can. More