Budget 2024 live: Inflation falls to lowest rate in three years, Reeves ‘eyes £40bn’ in cuts and spending

At PMQs, Starmer did not rule out a national insurance rise as Labour prepares for its first Budget in 15 years, aiming to address a £22bn deficit. Speculation surrounds potential tax increases and spending cuts, with inflation falling below the 2% target and rumors of business rates reform and fuel duty increase ahead of the fiscal event on 30 October.

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