Budget 2024: What can we expect from Rachel Reeves’s speech?

Transcript

00:00So the budget really is a big day for Rachel Reeves and the new Labour government.

00:04They've very much thrown caution to the wind.

00:07What we're expecting is tens of billions of pounds in tax rises and extra borrowing

00:12to fund a huge programme of investment,

00:16more infrastructure, more transport projects and more housing schemes,

00:20and billions more for the NHS as well.

00:23Now in some ways this is even bolder than the Blair government

00:27when it came to power in 1997.

00:30And there are probably a number of reasons for that.

00:32First, the state of Britain's public services.

00:35They're in such a poor state, according to Rachel Reeves,

00:38that in her words she's got no choice but to invest, invest and invest.

00:43Then also if you look back at the Blair government when they came to power in 1997,

00:48Labour had been out of office for 18 years,

00:51so there was very little experience in government then.

00:55If you look at the Keir Starmer government, yes it's 14 years,

00:58but there's a number of key figures such as Pat McFadden in the Cabinet Office

01:03who were in the Blair government and who bring vital experience.

01:07And then thirdly, Labour MPs.

01:10They've just been out on the doorstep during the election campaign

01:13making promises and pledges to voters,

01:15and they're saying we must deliver on these pledges and promises

01:20otherwise voters won't trust us.

01:22So everyone was saying that Keir Starmer was going to be a boring Prime Minister.

01:27This budget is anything but boring.

01:30It's risky, it's bold and it could backfire if it all goes wrong.