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Your support makes all the difference.CloseRead moreCloseRachel Reeves will announce Labour’s first Budget in 15 years later this month, leading one of the most highly-anticipated fiscal events in over a decade.As the chancellor looks to fill the £22bn “black hole” in public spending she announced in late July, speculation has mounted about what measures will be included on 30 October. Ahead of the event, ministers have reportedly written directly to the prime minister to ask that proposed spending cuts be softened, bypassing Ms Reeves. It is understood that Number 10 has received complaints from several government departments.During Labour’s first few months in power, ministers have warned that “tough decisions” will be required to balance the books. Sir Keir Starmer has said the event is going to be “painful” but that there is “no other choice given the situation that we’re in.”This likely means tax rises and spending cuts can be expected, with Reeves reportedly looking to raise £40bn. The government has already come under fire for its decision to cut back winter fuel payments for millions of pensions, sparking a row which has hung over its first 100 days in power.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 1729153337Pinned: Ministers plead with PM to soften Reeves’ spending cutsSeveral ministers have reportedly written to Number 10 urging the prime minister to soften departmental spending cuts laid out in the upcoming Budget.The requests have gone over the head of Rachel Reeves, who is reportedly looking to find around £40bn in tax rises and spending cuts on 30 October.It is an embarrassing show of disunity for the prime minister, indicating that ministers and Ms Reeves may not be seeing eye-to-eye on departmental budgets.It’s understood that the complaints have come from the Ministry of Housing, Department for Transport, Ministry of Justice. Unlike health and education, these departments have ‘unprotected’ budgets, meaning they could see severe cuts.One Cabinet minister told Sky News: “The briefing doesn’t match the reality. It’s pain this year, and pain next year. We’re simply going to be digging a hole which we end up filling in later in the year.”Albert Toth17 October 2024 09:221729167627How make-or-break Budget has fractured Keir Starmer’s cabinetRachel Reeves’ Budget is a make-or-break moment for Sir Keir Starmer’s government, potentially sparking a decade of national renewal – or sowing the seeds of Labour’s downfall.The prime minister’s poll ratings are at rock bottom after just over 100 days in charge, and the much-hyped “tough choices” to be unveiled on October 30 will likely do little to help boost his appeal.Albert Toth17 October 2024 13:201729160732Millionaires 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.Albert Toth17 October 2024 11:251729156492Angela Rayner leads Cabinet revolt against Reeves’ ‘huge’ Budget cutsSir Keir Starmer is facing a backlash from Angela Rayner and his cabinet over “huge” cuts to departmental spending to be unveiled in Rachel Reeves’ Budget.The prime minister has received letters from senior ministers raising concerns about the spending cuts after a number spoke out against the measures at Tuesday’s cabinet meeting.Archie Mitchell17 October 2024 10:141729130400Budget rumours: business rates reformIn its election manifesto, Labour said it was committed to reforming the current business rates system “so we can raise the same revenue but in a fairer way”.What this means has not been spelt out by the party, but it said the new system will be designed to “level the playing field between the high street and online giants, better incentivise investment, tackle empty properties and support entrepreneurship”.It’s thought this could take the form of an immediate cut to the rates, while also closing loopholes which allow some firms to avoid tax. This will come as welcome news to smaller business owners, but Labour will be careful to ensure their reform maintains a monetary net zero.Exchequer secretary James Murray MP confirmed this at a Labour conference fringe event hosted by the British Retail Consortium, saying: “It’s within the current envelope. It’s all about raising the same amount of money overall, that’s the commitment.”Albert Toth17 October 2024 03:001729119660ICYMI: Inflation drop ‘badly-timed’ for benefit claimants as next increase revealedInflation has dropped below 2 per cent for the first time in over three years, raising hopes that the Bank will cut interest rates in November. The decrease exceeded many economist predictions, with the Consumer Price Index (CPI) falling to 1.7 per centBut some experts have warned that the rate drop is “badly timed” for many people, as it will be a key factor in how much benefits are uprated by the DWP next April.Albert Toth17 October 2024 00:011729108856Budget rumours: fuel Duty increaseFuel duties, or taxes, apply to purchases of petrol, diesel and a variety of other fuels used both for vehicles and domestic heating.The level of fuel duty depends on the type of fuel used, with a litre of petrol, diesel, biodiesel and bioethanol attracting a fuel duty of 52.95p. It was cut by 5p by the Conservatives in 2022, after being frozen at 57.95p since 2011.It represents a significant source of revenue for the government, expected to raise £24.7 billion in 2023-24, according to the Office for Budget Responsibility – equivalent to 2.2 per cent of all receipts.Scrapping the 5p cut would raise the government an estimated £2bn. However, doing so would not automatically force fuel retailers to bring down their costs, likely meaning higher fees for motorists, at least in the short term.Albert Toth16 October 2024 21:001729105256ICYMI: 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.Albert Toth16 October 2024 20:001729098056Budget rumours: welfare spending cutsLabour has made no secret of its ambition to reduce the government’s welfare spending bill, so Ms Reeves will likely take the Budget as her opportunity to do so.Speaking at Labour’s party conference, the prime minister said: “We will get the welfare bill down because we will tackle long-term sickness and support people back to work.”What has been confirmed is a crackdown on benefit fraud, which looks to save £1.6bn over the next five years. Also possible is the mooted reform to disability benefits through personal independence payments (PIP) or the work capability assessment (WCA).Albert Toth16 October 2024 18:001729094456What would you like to see announced in Rachel Reeves’ budget?We would like to hear your thoughts on what you would like to see introduced in Reeves’ Budget. Should she focus on measures to support homeowners, such as the Freedom to Buy scheme? Or would you prefer a focus on closing tax loopholes, such as abolishing non-dom status, to ensure a fairer tax system?Albert Toth16 October 2024 17:00 More