Author: Jonathan Symcox

She confirms that the Government will maintain all income tax and National Insurance thresholds from their current level for three years from 2028.

Order called by the Deputy Speaker again.

“I know this will impact working people. I’m asking everyone to contribute today.”

 

 

Author: Jonathan Symcox

Funding for under-25 apprenticeships will be free for SMEs, says Reeves.

Author: Jonathan Symcox

The Motability Scheme has come under fire recently, with claims that the system is being abused to give friends and family of people with disabilities access to new vehicles which are not for their intended use of helping those in need.

Reeves says tghe scheme will be reformed to remove luxury vehicles “to get back to offering cost-effective vehicles to disabled people”.

There will also be more checks on fraudulent welfare claims, she says.

Author: Jonathan Symcox

As Reeves says the previous government left schools crumbling and huge NHS waiting lists, deputy speaker Nusrat Ghani again tells off the chamber.

“You’re making far too much noise.”

Seconds later they are at it again…

Author: Jonathan Symcox

Reeves says the Tories plunged the country into £2.6 trillion of debt – 83% of GDP – which must be paid down.

That means £1 in every £10 the Government spends is on debt interest.

“The Conservatives lost control of debt, we are getting debt down.”

 

Author: Jonathan Symcox

Schemes in Leeds, Peterborough and Darlington are cited, as well as extended funding for Northern Ireland, Scotland and Wales.

Wales will host two AI Growth Zones, creating 8,000 jobs, supported by a £10m investment in the semiconductor industry.

Scotland will get £14m for low carbon technologies in Grangemouth alongside other investments.

Author: Jonathan Symcox

Reeves says Labour is devolving £13bn of flexible funding for the seven regional mayors to invest in skills, business support and infrastructure.

She cites the extension of business rates retention pilots in the West of England, Liverpool City Region and Cornwall until 2029.

Author: Jonathan Symcox

Investment for artificial intelligence has also been promised – “building that great industry here in Britain” – but no detail about this as yet.

Author: Jonathan Symcox

Reeves pledges to invest in transport infrastructure.

This includes investment for the Lower Thames crossing, Midlands trains and trans-Pennines routes, and Northern Powerhouse Rail.

Author: Jonathan Symcox

Reeves says she will retain the UK’s “competitive” corporation tax rate – the lowest in the G7 – and introduce a new 40% first-year allowance so businesses can write off more of the cost of their investment up front.

“Private investment is the lifeblood of economic growth… but growth needs public investment too.”

 

Author: Jonathan Symcox

Reeves also says the UK has some of the lowest levels of retail investment in the UK.

From April 2027 she will reform the ISA system, keeping the full £20,000 allowance while designating £8,000 of it exclusively for investment. Over-65s will keep the full allowance.

Author: Jonathan Symcox

“Growth begins with the spark of an entrepreneur. Half of new jobs in Britain are created by scale-up businesses. And we want those jobs created hee, not somewhere else.

“Our job is to make Britain the best place in the world to start up, to scale up, and to stay.”

Reeves says the Government is widening eligibility for its enterprise incentives to attract talent and capital investment.

This includes tax relief for investors and measures for UK listings relief.

She is also launching a call for evidence on how the tax system can better back entrepreneurs.

Author: Jonathan Symcox

“My Budget is one for fair taxes, strong public services and a stable economy,” she continues.

Reeves says under Labour the economy will be grown patiently and stubbornly.

“By founders who bet their savings on an idea. By firms breaking into new markets. Developing new technologies, and creating new opportunities.

“Our job is to partner with them.”

“After 14 years of Conservative government, the nation demanded change. It demanded investment, not cuts, to public services,” she says.

Reeves says the plan today is hers. “I said there would be no return to austerity, and I meant it.”

Author: Jonathan Symcox

A cacaphony of noise as Reeves is invited to the despatch box.

She is quick to point out that the early publication of the Budget is an eror made by the OBR, not her.

As expected, the two-child benefit cap will also be lifted.

Owners of properties valued over £2m will also pay a new annual tax from 2028.

Author: Jonathan Symcox

The OBR says that around three-quarters of the planned reduction in borrowing over the next five years now comes from tax increases.

It has cut its medium-term productivity growth forecast to 1% from 1.3%.

“A significant rebound from recent negative shocks has not materialised,” the OBR said.

Author: Jonathan Symcox

The OBR says the report was published early due to a technical error and has apologised.

It has launched an investigation and says it will make sure it never happens again.

Author: Jonathan Symcox

The OBR says that the Budget will raise taxes by £26bn by 2029-30 with income tax thresholds to be frozen for three years.

The proportion of tax of GDP will hit an all-time high of 38% in 2030-31.

Author: Jonathan Symcox

The OBR report – which leaked the entire Budget early – was published in error.

Badenoch asks whether Starmer will launch an inquiry into the leaks. He responds that it is only 25 minutes away…