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The Latest Breaking News from Rachel Reeves

Budget 2024: Boost for Labour Chancellor Rachel Reeves as IMF ramps up economic growth forecast for Britain

The leading economists increased their prediction for GDP growth in the UK in 2024 from 0.7 per cent to 1.1 per cent

Evening Standard

UK economy to grow faster than thought in pre-Budget boost for Reeves

Only Spain was given a bigger economic upgrade by the IMF, making the UK the biggest beneficiary for extra growth in the G7 – although the US’s new growth rate of 2.8 per cent is higher

The Independent UK

Air Passenger Duty may go up in Reeves’s Budget – could the ‘Inverness Immunity’ come to an end?

Plane Talk: Why it’s not always a good idea to tax the traveller until the pips squeak

The Independent UK

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IMF warns Trump trade tariffs could dent global economy as it upgrades UK outlook

New report upgrades outlook for UK economy with growth now forecast at 1.1% rather than 0.7%

The Guardian - UK

Miliband faces crunch decision on speed of greenhouse gas cuts

Energy secretary prepares new pledge for big UK carbon cuts in next decade amid potential cabinet division

The Guardian - UK

IMF upgrades UK economic growth as elections drive global uncertainty

It came as the financial agency held its forecasts for the global economy steady for 2024, with a slight downgrade for next year.

Evening Standard

Rachel Reeves urged to introduce ‘child lock’ on benefits to reduce poverty

Exclusive: Save the Children calls for pensions triple lock-style policy to protect child-related welfare spending

The Guardian - UK

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Public sector pay rises hand Reeves a £6.7bn headache ahead of Budget

The surprise rise in borrowing came despite the cut to Britain’s expenditure on winter fuel allowances

The Independent UK

Rail, water, energy: the big projects likely to be in Rachel Reeves’ budget

Chancellor expected to promote range of infrastructure plans to boost economy, including reviving parts of HS2

The Guardian - UK

No 10 says Starmer ‘shares public anger’ at early prisoner releases but system facing paralysis without it – as it happened

Downing Street says government ‘shocked’ at inheriting prisons crisis as hundreds of prisoners get early release

The Guardian - UK

Budget 2024: How tax rises by Chancellor Rachel Reeves will hit Londoners and London firms

Standard analyses impact of potential tax rises in the Chancellor’s October 30 Budget on millions of Londoners

Evening Standard

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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The Guardian - UK

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

Evening Standard

What the papers say – October 22

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

The Independent UK

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

Evening Standard

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.

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The Guardian - UK

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

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

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.

The Guardian - UK

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 Independent 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.

Evening Standard

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.

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