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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

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

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

Chancellor Rachel Reeves said it would be “irresponsible” to rule out further tax rises following Labour’s historic budget.Ms Reeves has gambled on a £40bn tax rise in a bid to boost public services and grow the economy.She told the House of Commons that the increase – a record sum, equalled only by Norman Lamont in 1993 – coupled with a massive £32bn in extra borrowing was vital to “fix broken Britain”.Speaking to Sky News after the budget on Wednesday (30 October), the chancellor said: “I’m not going to make commitments to never change taxes again, that would be irresponsible, but this is a once-in-parliament budget to wipe the slate clean after the mess the Conservatives left us.” More

The UK’s first female chancellor Rachel Reeves has announced tax hikes that will raise an eye-watering £40bn in her historic Budget.Increases to employers’ national insurance contributions, stamp duty on second homes, and scrapping the VAT exemption of private school fees have all been confirmed, as well as a new duty on vaping and e-cigarettes.In regards to spending, Reeves promised to invest the money raised into “fixing public services” – including big investments into the NHS, building more homes, and extending HS2 to London Euston.The Independent takes a closer look at the key takeaways from the historic budget on Wednesday (30 October). More

Rachel Reeves delivered a powerful message to “girls and women” as she became the first female chancellor to deliver the UK Budget on Wednesday (30 October).Addressing parliament at the start of her Budget, Ms Reeves said: “This is the first Budget in this country’s history to be delivered by a woman. I am deeply proud.“Girls and young women everywhere, I say, let there be no ceiling on your ambitions, your hopes and your dreams.”Ms Reeves has today announced tax hikes that will raise an eye-watering £40bn, but she also revealed a boost to NHS spending. More

Rachel Reeves mocked Tory leader Rishi Sunak as she detailed Labour’s Budget in the House of Commons on Wednesday, 30 October.The chancellor announced that the government will introduce an adjustment to air passenger duty meaning an increase of no more than £2 for an economy class short-haul flight, but was taking a different approach to private jets — increasing the rate of air passenger duty by a further 50 per cent.Joking that Mr Sunak’s “ears pricked up” at the mention of air passenger duty, Ms Reeves said: “That is equivalent to £450 per passenger for a private jet to, say, California?” More