Main Takeaways

• Two-child benefit cap scrapped

• No rise to National Insurance, income tax, or VAT

• Gambling tax increases

• National debt expected to hit £2.6 trillion this year

• Investment into small/medium businesses to help drive youth employment and economic activity.

• Minimum wage increase for all ages

Rachel Reeves speaks about child poverty and the two-child benefit lock

”The highest cost is to the child”, who goes to school hungry or cold, and has no parents with time to help them with homework.

The future cost is squeezed by constraints in their youth. Since last July, started a free breakfast program, increased opportunities for free school meals. “But it’s not enough”

”One policy does more damage than others, introduced by the party opposite”, speaking about the 2015 Welfare Bill, caused no difference in the size of families, but it has caused poverty. They claimed it was to punish the parents, but it only punished the children.

Reeves is scrapping the removal of the two-child limit in full from April. Calls out the “anger” of the opposition (Conservatives) at their reaction to the removal of the two-child lock

Reeves speaks about the major taxes

Reeves announces there will be no increase to the National Insurance, basic or higher income tax or VAT at all

Gambling tax changes

Remote Gaming duty 21% to 40%, with duty on online betting increasing from 15% to 25%, no changes to in-person gambling or horse betting, and removing Bingo Duty completely.

Expected to raise over £1 billion per year

“End to conservative waste”

Rachel Reeves is looking to cut many people out of the government pension scheme who were let in under the Conservative government, under claims that they let them into the scheme for £3.50 a week, whilst they dont pay taxes and live abroad, using the scheme to generate money that they don’t deserve and the British public need

National debt will be £2.6tn this year

Reeves blamed the Conservatives for "all the damage" they did to the economy whilst in government, claiming that they were responsible for "doubling the national debt".

She says that the UK's net financial debt this year will be £2.6 trillion, picturing this with "one in every £10 the government spends is on debt interest."

The chancellor states that following her fiscal rules will "get borrowing down while supporting investment", promising a surplus of £3.9 billion by 2028/29

Small businesses to receive aid

Funding to make the training for under 25-year-old apprenticeships will become free for small and medium sized businesses to boost youth unemployment and economic inactivity.

After 18 months of a new program, youths will be offered “paid employment, not benefits”

Russia Sanctions

Freezing Russian assets and increasing sanctions on Russia, but calls out “the honourable MP of Clacton”, who is Nigel Farage, and reassures him that he won’t be targeted

Shady businesses, fair practices, and increased revenue

Enforcing minimum wage, investigating shady businesses, and tracking down business owners who don’t pay their unpaid taxes.

Together, these changes are expected to raise nearly £10 million per year by 2030 with new powers for HMRC.

Investigations to root out fraud claims of benefits.

”We are getting that money back”

Defence Spending

Reinvesting back into national security, in “our age of insecurity”, working with allies to find a sustainable ceasefire in Ukraine, meeting spending targets for NATO

Money for coal industry workers

Bassetlul, Lythe-and-Ashington, Barnsley, South, Mansfield and Kelynack, transfer investment reserve fund of the British Coal Staff Superannuation scheme to its members for people who worked in the coal industry to get a “fair deal” in their retirement

NHS Stats and Goals

Waiting lists are down by 230,000, an additional 5.2 million appointments since they gained power in last year’s election