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Budget 2024: What can we expect from Rachel Reeves’s speech?
Evening Standard
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10/30/2024
Budget 2024: What can we expect from Rachel Reeves’s speech?
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News
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00:00
So the budget really is a big day for Rachel Reeves and the new Labour government.
00:04
They've very much thrown caution to the wind.
00:07
What we're expecting is tens of billions of pounds in tax rises and extra borrowing
00:12
to fund a huge programme of investment,
00:16
more infrastructure, more transport projects and more housing schemes,
00:20
and billions more for the NHS as well.
00:23
Now in some ways this is even bolder than the Blair government
00:27
when it came to power in 1997.
00:30
And there are probably a number of reasons for that.
00:32
First, the state of Britain's public services.
00:35
They're in such a poor state, according to Rachel Reeves,
00:38
that in her words she's got no choice but to invest, invest and invest.
00:43
Then also if you look back at the Blair government when they came to power in 1997,
00:48
Labour had been out of office for 18 years,
00:51
so there was very little experience in government then.
00:55
If you look at the Keir Starmer government, yes it's 14 years,
00:58
but there's a number of key figures such as Pat McFadden in the Cabinet Office
01:03
who were in the Blair government and who bring vital experience.
01:07
And then thirdly, Labour MPs.
01:10
They've just been out on the doorstep during the election campaign
01:13
making promises and pledges to voters,
01:15
and they're saying we must deliver on these pledges and promises
01:20
otherwise voters won't trust us.
01:22
So everyone was saying that Keir Starmer was going to be a boring Prime Minister.
01:27
This budget is anything but boring.
01:30
It's risky, it's bold and it could backfire if it all goes wrong.
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