Explainer: How much pain could the next budget bring?

  • last week
Labour is claiming a multi-billion-pound hole in public finances.
Transcript
00:00Chancellor Rachel Reeves is poised to deliver the UK autumn budget on October 30th, marking
00:08Labour's first comprehensive fiscal plan since coming to power. The budget is anticipated
00:15to address the £40bn hole that's suggested in public finances, with a mix of tax hikes
00:22and spending cuts likely on the agenda. Key policy announcements may include the freedom
00:29to buy housing initiative designed to boost home ownership amongst renters, and potential
00:35reforms to capital gains and inheritance taxes. Additionally, the budget is expected to focus
00:42on increasing funding for the NHS, education and green energy projects. The Conservative
00:49Party has criticised Labour's approach, warning that significant tax increases could stifle
00:55economic growth, suggesting that the budget may not go far enough to support businesses
01:01and families during the current cost-of-living crisis.

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