Rachel Reeves will reveal Labour’s plans for the economy in her Autumn Budget later today, in which she is expected to announce up to £40bn worth of tax rises and spending cuts.
The Chancellor has already announced that she plans to raise the minimum wage by almost 7%, from £11.44 to £12.21 an hour.
Bus fares will also go up in today’s budget, with the cap of the price of a single bus fare rising from £2 to £3.
The Chancellor’s plans are also rumoured to include changes to inheritance tax, alcohol duty and national insurance.
Follow the latest updates on the Autumn 2024 Budget on our live blog
Rachel Reeves will deliver the budget Statement at , following the end of Prime Minister’s Questions.
Her speech will last around an hour, before Rishi Sunak and Liberal Democrat leader Ed Davy have their chance to respond.
Before the Chancellor addresses parliament, Keir Starmer will first face Rishi Sunak in PMQ’s at 12pm.
The autumn budget, as well as PMQs beforehand, can be watched live on Parliament TV, which streams all the action from the House of Commons online.
There is also a British Sign Language interpretation stream of Reeves’ address on Parliament TV.
The Chancellor’s statement will also be broadcast live on TV, with all the major news broadcasters will have live coverage of the event.
The BBC’s coverage of proceedings begins at 11.15 on BBC Two’s Politics Live, while their dedicated BBC Parliament channel will show Reeves’ speech and all the following debate in the House of Commons.
Sky News and GB News will also broadcast the Budget and the earlier PMQs alongside political analysis and commentary.
Some measures that Reeves may announce, such as any changes to the rates of duty on alcohol and tobacco, will come into effect on Budget day or soon after.
By convention, The House of Commons will agree a ‘Provisional Collection of Taxes’ motion without a vote, meaning that the changes can come into effect at 6pm on Budget day.
Other proposals will be debated by MPs over the following four days, with each being dedicated to a different policy area such as health, education and defence.
At the end of those four days, the tax measures can come into effect immediately if MPs vote in favour of the ‘Budget Resolutions’, although they require a Finance Bill to give them permanent legal effect, which will make its way through Parliament later in the year.
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