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The Latest Breaking News from Rachel Reeves

UK borrowing surges past official forecasts ahead of Budget

The ONS said public sector net borrowing in the first half of the financial year stood at £79.6 billion, £6.7 billion higher than forecast by the OBR.

Evening Standard

IMF warns markets are underestimating geopolitical risks; UK faces a ‘narrow path’ on debt reduction – as it happened

IMF predicts UK will grow by 1.1% this year, making it the joint third-fastest G7 country, but debt consolidation will be a challenge

The Guardian - UK

What is inheritance tax and why might Reeves target it in her budget?

Some are predicting sweeping changes to the levy payable on the part of estates over £325,000

The Guardian - UK

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Cross-party MPs urge Reeves to impose 2% tax on wealth above £10m

Move could raise £24bn a year say signatories including Jeremy Corbyn as polls suggest public support

The Guardian - UK

What the papers say – October 22

Here are the biggest stories leading Tuesday’s front pages.

Evening Standard

UK to use frozen Russian assets for £2.26 billion loan to support Ukraine war effort

The funds represent the UK’s share of a $50 billion (£38.39 billion) loan package agreed upon by the G7 nations, financed through interest generated from sanctioned Russian sovereign assets

The Independent UK

UK’s £2.26bn loan for Ukraine ‘can help turn the tables on Putin’s war machine’

Chancellor Rachel Reeves and Defence Secretary John Healey announced the move, which will be funded by profits on frozen Russian assets.

Evening Standard

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UK to lend Ukraine an additional £2.26bn for weapons to fight Russia

Loans will be repaid using interest generated by $300bn of frozen Russian assets held in the west

The Guardian - UK

Cabinet is ‘united’ on Budget, says Reeves after ministers settle spending plans

The Chancellor said it was ‘right’ that Cabinet ministers had attempted to get the best settlements possible for their departments.

Evening Standard

Rise in bailout requests ‘likely’ as councils warn of bankruptcy threat

The number of councils applying for Government financial support is expected to rise significantly without an improved funding settlement.

Evening Standard

Employment rights reforms ‘could cost UK businesses £5bn a year’

Government analysis says those on low pay stand to benefit most, with some potentially earning extra £600 a year

The Guardian - UK

Savers fill tax-free ISA savings accounts ahead of Budget

Taxpayers each get a £20,000 a year allowance to save into the accounts, known as ISAs, which can hold cash, shares and bonds.

The Independent UK

Budget 24: Labour tax questions, six-figure earners & ‘working people’ ...The Standard podcast

Plus, has London’s post-Covid return to office stalled?

Evening Standard

Swinney refuses to rule out freeze on tax thresholds in Scottish budget

The First Minister said he would not comment on what would be in the upcoming budget but added that investment in public services was vital.

Evening Standard

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The Guardian - UK

Reeves’ income tax plan will hurt working people and increase inequality even more

Letters: Su Hardman on the news that the chancellor is expected to extend the freeze on income tax thresholds in the budget. Plus letters from Patrick Donovan, Prof Mike Stein and Michael Meadowcroft on Labour’s tax plans

Evening Standard

Home Secretary grilled on use of Treasury reserves to fund asylum hotels

Her shadow James Cleverly rejected allegations that the previous government left accommodation costs undisclosed.

The Independent UK

Tax on high earners ruled out as Rachel Reeves looks to plug £40bn Budget black hole

No 10 forced into astonishing admission that high earners can also be protected by its pledge not to raise national insurance for working people – after minister refused six times to confirm if that included employees on six-figure salaries

The Independent UK

When is the Budget and what is the ‘stealth’ tax rise Labour are set to keep?

Millions could pay more income tax if ‘stealth’ policy is continued

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The Independent UK

How can I claim Winter Fuel Payment and when is the deadline to apply?

All pensioners with an income of or below £35,000 will receive the benefit this winter

The National (Scotland)

Change 'fiscal rules' so UK can catch up internationally, John Swinney urges Labour

THE Labour Government should change its fiscal rules to allow borrowing for public sector investment, First Minister John Swinney will say in a…

The Independent UK

Wes Streeting warned inflation-busting NHS Budget deal will not be enough

Health experts urge the government to find more money to tackle waiting lists and improve NHS care

Evening Standard

Martin Lewis warns of 'wild west' for AI ads after fake Rachel Reeves scam

Consumers duped into giving banking details after convincing BBC advert

The Guardian - UK

The Guardian view on tax and spend politics: dodging debate by fiddling with fiscal rules

Editorial: Is there any point to self-imposed restraints if they’re often broken? The chancellor should adopt a more transparent approach

The Guardian - UK

Angela Rayner given permanent seat on UK national security council

Exclusive: Rebooted Downing Street operation seeks to smooth over reports of tensions with deputy prime minister

The Guardian - UK

Rachel Reeves urged to ringfence NHS funding on illness prevention

Exclusive: Health charity and other bodies say carving out new category of spending would save taxpayers money

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