Monday, July 15, 2024
HomeEconomyLive: Chancellor Jeremy Hunt to unveil final Budget before general election

Live: Chancellor Jeremy Hunt to unveil final Budget before general election


All eyes are on Jeremy Hunt today as the Chancellor will deliver his Budget in the House of Commons.

The Budget is likely to be the last one before the UK goes to the polls in a general election that Prime Minister Rishi Sunak will take place at some point this year.

Mr Hunt, who has faced pressure from Tory MPs to ease the record-high tax burden, is expected to make a 2p cut to national insurance one of his central pledges.

But plenty more announcements are likely to be made. Stay with us to keep up with them as they’re announced in addition to the latest reaction and analysis.

Here’s the latest:

What’s Labour saying?

Shadow chancellor Rachel Reeves says Labour is “now the party of economic responsibility” and has accused the Tories of overseeing “fourteen years of economic failure”.

She said: “The Conservatives promised to fix the nation’s roof, but instead they have smashed the windows, kicked the door in and are now burning the house down.

“Taxes are rising, prices are still going up in the shops and we have been hit by recession. Nothing the Chancellor says or does can undo the economic vandalism of the Conservatives over the past decade.”

Labour also said any reductions in the Chancellor’s Budget would be cancelled out by the Government’s continued freeze on tax thresholds, meaning more people are dragged into a higher band as their pay increases.

How are house prices looking going into the Budget?

Annual growth in house prices turned positive for the first time in around a year in February, according to an index.

Across the UK, property values increased by 1.2% annually in February, following a 0.2% fall in January, Nationwide Building Society said.

It marked the first month since January 2023 that Nationwide recorded positive annual growth in house prices. In that month, there was a 1.1% year-on-year increase.

On a month-on-month basis, house prices increased by 0.7% in February, taking the average UK house price to £260,420.

A look at the key numbers, opinion polls and calendar dates before the Budget

When will the Budget be announced?

Chancellor Jeremy Hunt will be on his feet to deliver the Budget at around 12.30pm. His speech will be preceded by Prime Minister’s Questions at midday.

The Office for Budget Responsibility are expected to publish its outlook at around 1.30pm.

9.50am

Cabinet ministers are meeting before the Chancellor delivers his Budget at 12.30pm today.

Home Secretary James Cleverly, Foreign Secretary Lord Cameron and Defence Secretary Grant Shapps were among those photographed as they arrived at Downing Street.



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