Rachel Reeves opts for late Budget as she admits Britain’s economy ‘not working’ – UK politics live

After confirming the date of the next autumn budget next to the chancellor, the cost of British long -term government borrowing fell slightly.

Rachel Reeves announced on Wednesday morning that the budget will take place on November 26th.

In contrast, the return on government bonds called GILTS fell to 5,694% on Tuesday compared to 5,698% in the market.

Gilding returns, more tax increase and the budget spending interruptions on Wednesday with concerns about a 27 -year -old time after a 27 -year -old kick comes.

Political editor David Maddox took a look at the timing of this year’s budget.

This morning, the Treasury sources play the fact that the budget will be late this year on November 26th.

They claim that if it is taken in the context of previous dates, it is “perfect normal ..

However, it is true that the budget was much later than 30 October last year. However, at this point in 2024, workers’ deputies were crying for a budget that entered a new government for more than four months.

In fact, Ms. Reeves seems to have returned to the late dates that are widespread in time in the Treasury of George Osborne. He once had a budget in December 2014 and in 2015 had almost the same day as MS Reeves.

At that time he was still dealing with the effects of the financial crisis, and for a very difficult time he had to include him to navigate in financial situations.

Jeremy Hunt also had a late budget on November 22, 2023, but in recent years, in recent years, late October.

Like Osborne and Hunt, Mrs. Reeves also dealt with extremely difficult economic winds and interest rates contribute to the cost of borrowing and growth. He needs time because he needs to collect taxes and what taxes he will impose.

Sources say it will not decide until you hear the estimates of the Budget Liability Office. However, a late budget gives him the flexibility he needs to address more than the economic picture.

Rachel Reeves, November 26 for the autumn budget determined for the economy “does not work well enough,” he said.

In a video in X, Chancellor said: “British economy is not broken. But I know that it doesn’t work well enough for working people.

“The bills are high. It is more difficult to pass before. You put more, you go out less. This has to change. We are a global center for trade.

“Last year, it was my duty to correct the foundations. We raised the minimum wage for three million people; NHS cut the waiting lists; began to tear planning rules to build 1.5 million new houses; billions more promised for the country’s infrastructure;

“But I’m not satisfied. There is more to be done. The cost of life pressure is still real.

“And we must reduce inflation and borrowing costs by keeping them tightly with our unhabilized financial rules in daily expenditures.

“Renewal is our mission and growth is our challenge. Our investment and reform tools are our means of building an economy that works for you and rewarding you. More weight in your pocket. When you need it, an NHS. An opportunity for everyone.

“These are my priorities. The priorities of the British people. And I’m determined to deliver.”

This autumn budget for November 26 will come about a month after last year’s budget. George Osborne will be the last budget of the year since the autumn release in 2014.

The Budget Responsibility Office (OBR) will be given a 10 -week notification to provide an independent estimation, and then the full scale of the financial “black hole” will be confirmed to Mrs. Reeves.

However, late timing means that households and businesses will have less time to plan new taxes before the start of the new financial year in April.

Our Political Editor David Maddox It has this analysis after the approval of the budget date.

Rachel Reeves announced that his second budget would be on November 26th and speculation showing whether he needs to put a black hole of 40 billion pounds.

However, the Treasury warned the resources: “Kite flight [on taxes] He should stop, he doesn’t come from us. ”A new tax for banks, a mansion tax, gambling tax and national insurance payments for homeowners were discussed.

However, it is understood that Ms. Reeves will not be able to break the position of the government not to break the manifesto commitment and to increase income tax, VAT or national insurance for employees.

In addition, it is expected that he will not review the rules of borrowing despite pressure to borrow more than his own party.

In addition, while Mrs. Reeves are trying to encourage growth, we can expect a series of productivity, including investment in large projects in front of the budget. Although Sir Keir has removed this task from Downing Street, it is still like economic growth.

It will also try to keep inflation and keep public finance.

In the midst of the speculation of MS Reeves’ Speculation by PM, a source insisted that the chancellor would make the decisions of the budget.

Chancellor Rachel Reeves announced that the autumn budget will take place on November 26th.

Green Party leader Zack Polanski apologized after a report.

In 2013, he was reportedly allegations while working as a hypnotherapist on Harley Street in London.

When the voters were asked if he could trust him in the light of the allegations, Mr. Pori said to BBC Breaks: “Well, a politician never said ‘trust me’.

“But what I’m going to say, I’m sorry, I apologized 12 years ago and one of my favorite politicians Tony Benn, often, ‘I don’t care where you come from, I care about where he went’.

“Trust is a processing relationship in which you create confidence based on actions.”

“The workers’ government, the law of inequality or when they can talk about the homeless people on the streets or we spend only £ 15 billion in nuclear weapons – we can do this discussion – but no, the Labor Party made a press release before becoming a politician for more than a decade yesterday.

“A workers’ government seems to me that like this is worrying and they should do.”

Shadow Housing Secretary Sir James Cleverly called for the arrest of Father Ted Creator Graham Linehan on an online “extreme access” and “real reaction” online.

Sir James told Times Radio: orum I don’t have all the details, this clearly seems to be a real reaction to a joke, and people can decide if it is a funny joke.

“I think it said it wasn’t a big joke, but I think we were overly reached and we should stop policearing because some people blame.

“Obviously, it was not clearly a serious incentive, and I think there is only a little atmosphere of calming.”

It was asked that similar events were “grew under the government of the Torah” and that Sir James was not “enough conservative in protecting freedoms like innocent hate events: ım Let us be realistic about the scale of what happened here.

The government’s borrowing is currently at the highest level of 27 years, and Chancellor is pressure on Rachel Reeves to balance books. But why is the borrowing so high?

The return on the British government bonds, also known as GILTS, has increased to the highest level in 5,698%since 1998, ie the government’s borrowing from financial markets was more expensive.

Gilding yields move against the value of bonds, ie the prices decrease when the returns increase.

Pound also fell as bond sales fell as intensified and the sterling fell to 1 percent.

Higher gilded returns increase the cost of serving the government’s debt, bringing heat to the chancellor to reduce expenditures.

According to a report from Bloomberg England this morning, Chancellor Rachel Reeves is expected to announce the annual budget plans to publish the annual budget on November 26th.

In the report, Reeves said that during a Wednesday announcement on November and adding the Treasury and 10 of them refused to comment.