Chancellor Rachel Reeves is set to announce Labour’s first Budget in 14 years.
The UK’s first female chancellor will deliver the first Labour budget since Alistair Darling in 2010, promising to put “more pounds in people’s pockets”.
But commitments not to increase income tax or national insurance on employees are likely to see companies hit with a greater share of the burden to help repair the nation’s finances and fund stretched public services.
It comes after she received a mixed response after confirming that the minimum wage in the UK will rise by 6.7% to £12.21 an hour next year.
While welcomed generally, some of those in Northern Ireland warned against dramatic changes which would particularly impact smaller businesses here.
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Prime Minister promises to ‘give all support’ to Stormont Assembly
The former Prime Minister said he was grateful for Sir Keir Starmer’s support during that time and asked him to assure the House of Commons that he will “continue to work to keep Stormont open, delivering for the Northern Irish people and strengthening Northern Ireland’s place in our Union”.
Sir Keir replied: “I absolutely agree that the institutions at Stormont need to be up and running. I want to give all support I can to the further development in Northern Ireland.”
Prime Minister’s Questions begins
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Minimum wage set to rise to £12.21 an hour
The Chancellor described the move as a “significant step” towards delivering on Labour’s manifesto promise to introduce a “genuine living wage for working people”.
It will mean an extra £1,400 a year for a full-time worker earning the main minimum wage rate, known as the national living wage, from April 2025, but will still fall short of the £12.60 per hour UK living wage calculated by the Living Wage Foundation.
