Live: Burnham’s First Budget
This live has now ended, reported from 12:10 to 13:40.
What’s to come?
- Minimum wage is set to increase, yet 18-20 year olds see lower increases than previous years.
- Chancellor John Healey under pressure to increase defence spending after talks with Ukrainian President Zelensky.
- Burnham promises to ease cost of living and improve public services.
- Healey has £1.42 trillion to spend on day-to-day spending on public investment, with £100 billion already expected to go on debt interests.
Key Points
- Chancellor makes no comment on student loans or NEETs.
- Increase in defence spending by sending an additional £10bn to Ukraine.
- £100 energy payment for A-D council tax bands
- Standing charged removed on gas bills.
- Tax-free ISA amount will remain at £20,000
13:40
Badenoch- Labours past budgets “weakened the economy”.
Badenoch attacks Burnham by discussing Labour MP who described him as “slow” and “visibly out of his depth”, asking “who needs friends with enemies like that?”.
Badenoch declares Burnham as unprepared in the event that Russia could strike NATO soil. Badenoch jokes “If Russia attacks when these guys are in charge we’ll all need a drink”.
13:30
£430 million pledged to remove rough sleeping by Christmas.
Chancellor aims to build more council homes by backing £40bn in spending.
Confirmed: the First Time Buyer ISA will be replacing the Lifetime ISA
£4.7bn on new “Equity Loan Scheme” for first time buyers who “Don’t have the backing of mum and dad”.
13:20
By 2030, the triple lock will be adjusted, saving £50bn by 2050.
“The whole country is united with Ukraine” says Chancellor as he pledges £10bn in additional military support to be sent to Ukraine.
Defence budget is £14bn higher than the Conservative’s final year in government.
13:10
Healey declares to create new critical data centres in an aim to promise security and soverignty in relation to AI.
13:05
The limit for Cash ISAs shall remain at £20,000.
Chancellor challenges Badenoch on his policy plans and changes so far.
Chancellor considers the biggest barrier to fast growth is investment, which Healey aims to break through supporting 140,000 jobs and accelerating private investment.
13:00
Chancellor plan to raise taxes on gambling to 25%, and a proposal of a £10 million relief to small breweries.
12:55
Continuity in reduction of fuel prices, taking the mileage rate from 25p to 30p.
For pensioners, a new pension tax allowance leading pensioners to not pay income tax.
National minimum wage up by 3.9%, with hourly rates going from £12.71 to £13.20 in April 2027, this is onlt for the workers aged over 21. 18-20 year-olds will remain at £10.85.
Downpayment on paternity leave: self-employed fathers and partners elibible for paid parental leave for the first time.
12:50
Chancellor to remove standing charges from gas bills, and sets out to further reform electricity bills in the future.
Houses in councils tax bands A-D will be granted a £100 energy payment directly into peoples bank account this winter.
12:45
Chancellor wants to “radically reform energy” in order to support UK families and businesses. Healey wants cheaper, clean power, made possible through commitment to Net Zero by 2025.
12:42
Chancellor notes that the UK had the fastest growing economy in the G7 in the first half of the year, praising the Labour government.
12:38
Chancellor wants to reduce spending on debt interest and focus on public investment, Healey plans to do this through raising taxes.
OBR has determined headroom is at £15bn.
12:37
Chancellor discusses the rise in inflation due to conflict in the Middle East.
12:35
Chancellor celebrate Reeves as the first female chancellor, commending her choices to reduce child poverty and NHS waiting lists.
12:30
Chancellor: “This is a budget for the working people of Britain”
Chancellor wants to promot “growth in every postcode”.
12:25
Discussions around devolution take the floor on PMQs with Plaid Cymru MP Liz Saville Roberts asking if Wales will receive similar offers as Soctland reagrding economic power.
12:10
PMQs session has largely focused on Burnham vs Badenoch, discussing the Tory Brexit deal and plans amid the UK-EU summit.