This is bbc news. A new chapter in the economic History Of The Uk the promise we will hear shortly from Shadow Chancellor Rachel Reeves, Should Labourfor Shadow Chancellor Rachel Reeves, should labour for the Shadow Chancellor Rachel Reeves, Should Labourfor the next should labour for the next government. Should labourfor the next government. Rachel reeves addressing business and finance leaders in the city of london. We are expecting her speech to start very shortly and we will of course be keeping across the and bring it to you as soon as possible she appears. She is delivering the annual Mais Lecture Following in the footsteps of previous chancellors and Shadow Chancellors and bank governors. Rachel reeves will promise to reform the treasury as part of a possible labour governments Economic Policy. She will say, i remain an optimist about our ability to rise to the challenges we face. The conservatives suggested labour had no plan just more borrowing and more taxes. The speech comes
British ice are tax Free Allowance to invest in uk listed companies. British isa tax Free Allowance. Moving on to the uk economy. The Office For Budget Responsibility predicts uk economy will grow by 0. 8 this year and 1. 9 next year. The uks Inflation Rate is also forecast to fall below 2 target this year. But the underlying debt, excluding Bank Of England debt, is forecast to be 91. 7 of gdp this year rising to 92. 8 next year. The government also kept a freeze on alcohol duty, which had been due to end in august, which will now continue until february 2025. There will be a new tax on vaping products to start in october 2026, and the existing tax on tobacco will increase. The chancellor says is in order to maintain the financial incentive to choose vaping over smoking. 0n transport and energy, the government has frozen the fuel duty again and kept the 5p cut in fuel duty on petrol and diesel, due to end later this month for another year. A windfall tax on the profits of energy firms,
But the final test at least gives them the opportunity to end the tour on a high. Theyve made one change for the match in daramsala, mark wood coming in for ollie robinson. Heres our sports correspondentjoe wilson. Seven weeks on tour, and england find themselves at the summit of the cricketing world. Topographically. The territory of daramsala offers all sorts of different perspectives. Some met the speeches spiritual leader of buddhism. We expect the dalai lama remains neutral. Englands captain has his perspective on that. I think thats not. I look at it differently with completely different angles. I think weve definitely progressed as a team. Although weve not got the results we wanted. But you know, 3 2 sounds better than 3 1 or 4 1. We look to win every game we go about and play. Its not worked out that way in terms of results, but weve got one last push here. India always is tough when you play five games. Weve got one last big push here. Yeah, theyre excited for this week. For
Products to start in october 2026. And. The chancellor says its in order to maintain the financial incentive to choose vaping over smoking. Lets move on to the broader picture for the uk economy. In the office of budget and responsibility has predicted that. Remember, were in a technical recession at the moment. Lets move onto debt. Lots of figures in numbers but its important we take you through the main developments from todays budget. In a moment ill be discussing is in finer detail with my colleague. Ill also bejoined by our Economics Correspondent who is in the newsroom for us. First our Political Correspondent looks back at todays development here in West Minister. I5 at todays development here in West Minister. ,. ,. , minister. Is this an Election Winnin minister. Is this an Election Winning budget, minister. Is this an election | winning budget, chancellor . Minister. Is this an Election Winning budget, chancellor . As jeremy hunt pose for the last photo, dues before the budge