Chancellor Rachel Reeves Confirms October Budget But Says Taxes Won't Rise for 'Working People'

Transcript

00:00I am announcing today that I will hold a Budget on 30 October, alongside a full economic and

00:06fiscal forecast from the Office for Budget Responsibility. I have to tell the House that

00:11the Budget will involve taking difficult decisions to meet our fiscal rules across spending,

00:17welfare and tax.

00:19Mr Speaker, they still don't get it today. Parties in Downing Street crushing the economy,

00:28gambling on the election, party before country every single time.

00:35Mr Speaker, it will be a Budget to fix the foundations of our economy and it will be

00:39a Budget built on the principles that this new Government was elected on.

00:44First, we will treat taxpayers' money with respect by ensuring that every pound is well

00:49spent and we will interrogate every line of public spending to ensure it represents value

00:55for money.

00:56Second, I can repeat from the Dispatch Box our manifesto commitment that we will not

01:01increase taxes on working people. That means we will not increase national insurance, the

01:06basic higher or additional rates of income tax or VAT.

01:10Today, my honourable friend the ex-Chequers Secretary is publishing further detail on

01:16our manifesto commitments to close tax loopholes and clamp down on tax avoidance, to ensure

01:21we bring in that money as quickly as possible.