Budget 2024 latest: Labour grandee warns Reeves over ‘very worrying’ tax raid which would raise billions

Rachel Reeves will announce Labour’s first Budget since taking power on 30 October, with Lord Blunkett warning against proposals to raise national insurance on pension contributions. The chancellor has warned that taxes will need to rise, alongside tough decisions on spending and welfare, while Reeves hints at revising Labour’s fiscal rule to unlock £57bn for investment in the economy. Stay tuned for updates on The Independent’s liveblog leading up to the event.

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