Rachel Reeves has laid into “chaotic” Brexit in her recorded pre-Budget address to the nation – just hours before her statement to the Commons.
The Chancellor claimed Labour had started to see results in the past year with “wages rising faster than inflation, hospital waiting lists coming down, and our economy growing faster and stronger than people expected”.
She continued: “But I know there is more to do… I know that the cost of living is still bearing down on family finances, I know that people feel frustrated at the pace of change, or angry at the unfairness in our economy.
“I have to be honest that the damage done from austerity, a chaotic Brexit and the pandemic were worse than we thought.
“But I’m not going to duck those challenges, and nor will I accept that our past must define our future. It doesn’t have to.”
Today, Ms Reeves will end months of speculation and reveal exactly what is in her tax plans.
She is likely to announce tens of billions of pounds of new tax increases – and last night, it emerged that she would move to introduce a so-called “dirty dozen” of raids.
FOLLOW BELOW FOR LIVE UPDATES THROUGHOUT THE DAY…
Lib Dem MP pushes Rachel Reeves to forge closer ties with EU
Rachel Reeves must forge closer ties with the European Union to deliver growth, a Liberal Democrat MP has told GB News.
Appearing on The People’s Channel this morning, Calum Miller said: “We think there’s a great opportunity for the Government to cut some of that red tape by improving our relationship with Europe, especially for our small manufacturers and exporters, who are tied up in that red tape and unable to grow their businesses.
“That’s a real opportunity for the Government to get on with that relationship with Europe and improve the growth prospects for the country.”
However, the Liberal Democrat MP also warned Ms Reeves not to repeat her 2024 Budget, claiming it “hit small businesses and hit households”.
PICTURED: Tractors carrying anti-Labour placards spotted in Westminster
Richard Tice backs farmers as Budget battle-lines begin to be drawn
Reform UK’s Richard Tice has backed protesting farmers this morning in his party’s first assault on the Budget today.
He said: “Hundreds of huge tractors are already in central London horns, blaring lights flashing.
“Farmers are furious at the socialist assault by Labour on British food production.”
Tractors seen cruising down M4 in defiant protest against Met Police restrictions
Columns of tractors have been seen rolling down the M4 on Wednesday morning
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PA
Columns of tractors have been seen rolling down the M4 ahead of a planned Budget day protest in central London.
Dozens of the farm vehicles, some draped in Union Flags and St George’s Crosses, can be seen descending on the capital – in the face of Metropolitan Police restrictions banning tractors and agricultural machinery from Whitehall.
Farmers had planned to protest the hated Family Farm Tax outside Downing Street on Wednesday while Rachel Reeves delivered her Budget before the force took action.
Last night, it emerged the decision to muzzle the protest originated from “someone very high up”, leaving organisers stunned, according to the Daily Express.
WATCH: GB News National Reporter Will Godley speaks to farmers ahead of a potential tractor protest in Westminster for the Budget
IN FULL: The ‘dirty dozen’ tax raids expected at the Budget
Budget 2025: The ‘dirty dozen’ – which taxes might Rachel Reeves hike at the despatch box?
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GB NEWS
The 12 taxes expected to rise are on cash ISAs, Chinese imports, cycle-to-work schemes, dividends, electric vehicles, gambling, incomes, sugary drinks, salary sacrifice schemes, homes worth more than £2million, taxis and tourists.
Ahead of her “nightmare before Christmas” address, the Chancellor said she would “take the fair and necessary choices to deliver on our promise of change”.
“I will not return Britain back to austerity, nor will I lose control of public spending with reckless borrowing,” Ms Reeves vowed in a broadside against her outspoken critics on the Labour left.
Though rather than the “dirty dozen”, the Chancellor has instead spun her hikes as three priorities: cutting the cost of living, cutting NHS waiting lists alongside delivering public service reforms, and starting to reduce the cost of public debt.
“I will push ahead with the biggest drive for growth in a generation,” she added. “Investment in roads, rail and energy. Investment in housing, security and defence. Investment in education, skills and training.
“So together, we can build a fairer, stronger, and more secure Britain.”
WATCH: Rachel Reeves previews the 2025 Budget in a message to Britain
Rachel Reeves has warned that Britons are “angry at unfairness” in the economy before she unveils her Budget.
In a filmed address ahead of the statement, the Chancellor railed against Brexit – but vowed the “past must not define our future”.
She claimed Labour had started to see results in the past year with “wages rising faster than inflation, hospital waiting lists coming down, and our economy growing faster and stronger than people expected”.
Ms Reeves continued: “But I know there is more to do… I know that the cost of living is still bearing down on family finances, I know that people feel frustrated at the pace of change, or angry at the unfairness in our economy.
“I have to be honest that the damage done from austerity, a chaotic Brexit and the pandemic were worse than we thought.
“But I’m not going to duck those challenges, and nor will I accept that our past must define our future. It doesn’t have to.”
Budget 2025: When and where to watch Rachel Reeves make her statement
The Chancellor is set to outline the Budget to the Commons at 12.30pm today – half an hour after Sir Keir Starmer takes PMQs at midday.
You’ll be able to watch her statement LIVE HERE – and we’ll bring you the latest news and analysis before, during and after it on this live blog.
WATCH: Farmer issues stark Labour warning as police U-turn on planned Budget protest: ‘They’ll need the army to stop them!’
The five taxes to watch out for in the Budget – and what they mean for your wallet – ANALYSIS by Elliot Keck
PICTURED: The official Budget 2025 document as unveiled by the Treasury on Tuesday
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TREASURY
Despite, or perhaps because of, months of speculation, there’s little we can say with certainty about what exactly is going to be in this Budget, Elliot Keck of the Taxpayers’ Alliance writes.
What we do know is that Rachel Reeves is expected to announce a package of tax rises aimed at balancing the books.
So what could actually be announced when the Chancellor reveals the Budget later today, and what will it mean for households up and down the country?
Elliot now reveals the main ones to watch – READ HIS FULL ANALYSIS HERE