Secretary of State for Business and Trade Peter Kyle has told the British public to “just wait” for the Budget, as speculation over tax rises and welfare handouts continues to swirl.
The Labour MP faced a grilling on GB News this morning, insisting that “the facts will come out” on Wednesday.
His comments came amid mounting criticism from politicians and commentators concerned about how the Budget could affect working people and pensioners.
Speaking on The People’s Channel this morning, host Ellie Costello questioned the MP: “How is this going to go down with the British people?
Mr Kyle responded by urging patience, saying the current media speculation was “entirely based on newspapers” and that the picture changes daily.
He said: “Well, you’re talking entirely based on speculation. That’s in tabloid newspapers today.
“Each day the speculation changes. Now, I understand that there’s been a lot of speculation in the lead-up to this Budget, but there’s only two days to go.
“The facts will come out on Wednesday. Let’s wait for those facts to emerge.
Peter Kyle fumed at the speculation from tabloids
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GB NEWS
“But what we do know is that this will be a Budget where we will get a grip on the cost of living challenges because that is what is affecting people up and down the country.
“We will protect the NHS, and we will make sure that we start to tackle the long-term debt challenges that we inherited from the previous Government.
“We will also lay the foundations for growth.
“The only way that our country can move forward, the only way we get real fairness for working people and pensioners right across the country, is to get growth into our economy.”
Chancellor Rachel Reeves will deliver her Budget on Wednesday
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HM TREASURYMrs Reeves is reportedly trying to win over left-wing Labour MPs by pledging to scrap the two-child benefit cap, a move that would cost around £3billion.
The Conservatives froze tax thresholds until 2028, but the Chancellor is widely expected to push the freeze through to 2030 in this week’s Budget.
According to new analysis from pensions consultancy LCP, the move could see the number of retirees paying tax rise to as many as 10 million.
The original freeze on income tax thresholds started in 2022 and was later extended to 2028 by then-Chancellor Jeremy Hunt.
Mrs Reeves is now widely expected to push the freeze through to 2030, a measure projected to raise £8.3billion for the Treasury.
Responding to a claim from the Conservatives that the Government’s Employment Rights Bill will put an end to seasonal work opportunities, he said: “What Kemi Badenoch is doing is what she always does, and that she’s just trying to scare people.
“The fact is that when the legislation passes, because the Conservatives are blocking it in the House of Lords, that we will then move to a period of intense consultation with business over those exact issues.
“We’ll have 26 separate consultations so we get these things right. The Labour manifesto is very, very clear.
“This is a piece of legislation that does not pit businesses against the people who work in businesses.
“This is a piece of legislation where we will strive so that it is pro-business and it is pro the people who work in these businesses.
“Employment legislation has not been updated for almost a generation and in that time there have been things emerging in the modern economy which simply weren’t there before. And we need to make sure that the legislation is updated.
“As I said, this is legislation and I am as Business Secretary determined to ensure that this leads to a more harmonious relationship between businesses and the people who work in those businesses going forward, and that is what I am determined and reconciled to do.”