Labour’s first Budget in 14 years is just around the corner, as Chancellor Rachel Reeves prepares to deliver her fiscal plans for the country this Wednesday.
She has repeatedly said that “difficult decisions” are being made after inheriting “the worst set of [financial] circumstances since the Second World War” from the Conservatives.
Reeves said she was trying to plug a £22billion “black hole” in public finances, and according to the BBC, Government sources have hinted there could be tax rises and spending cuts to the value of £40billion.
The changes to the Winter Fuel Payment have already caused concern among pensioners as millions face losing the vital benefit.
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Ahead of Wednesday, the Government has said that boosting the British economy is priority.
It is expected to permit up to £50billion more borrowing to invest in big building projects such as roads, railways or hospitals.
The state pension is also due to rise by four percent, while VAT will be added to private school fees and a windfall tax on the profits of oil and gas firms will be increased.
The Budget speech usually starts at about 12:30 UK time and lasts around an hour. The leader of the opposition, Rishi Sunak, will give a speech responding to the Budget straight afterwards.
