Labour’s Budget Reveal: What’s in Store?

Reform UK Votes to Empower Members

This past weekend in Birmingham, Reform UK shook things up by deciding to swap autocracy for democracy. At their lively conference, members voted to approve a shiny new constitution that hands over the reins of power—finally! Nigel Farage signed the document on stage, proving he can do more than just dominate headlines.

Just a few days earlier, it was revealed that Farage would be relinquishing his impressive 60% stake in the party, a decision as rare as finding a unicorn in British politics. Founded as a private limited company to allow quick decisions (and keep the “baddies” at bay), Reform UK is now shifting gears toward member-driven governance.

With the new constitution, members can vote on policy motions and even initiate a no-confidence vote against Farage or any leader if half the membership joins the uprising. It's a bold step toward making politics more participatory, ensuring every voice counts—and reminding us that sometimes, change is just a vote away!

Labour’s Budget Reveal: What’s in Store?

As the Labour Party conference kicks off this Wednesday, excitement fills the air - especially for Labour supporters. After a tumultuous honeymoon phase for Starmer and his team (with a notable boost for Sue Gray, of course), all eyes are on the upcoming budget announcement set for October 30th.

But what exactly is this mysterious budget everyone’s buzzing about? Is it just a fancy red briefcase filled with cryptic numbers and tax plans? Well, let’s unravel this financial enigma…

The budget is essentially a grand statement from the Chancellor of the Exchequer - currently, the ever ambitious Rachel Reeves. Delivered to MPs in the House of Commons, it outlines the government’s economic strategies, including those oh-so-important changes to taxes and spending. And don’t forget: on the same day, the Office for Budget Responsibility (OBR) drops its economic and fiscal outlook, adding another layer to the budget’s drama. Once the budget statement is read, MPs may be asked to approve immediate tax changes. Think of it as a high-stakes game of Monopoly, where everyone’s trying to avoid landing on Mayfair with a hotel on it. Following the initial announcement, a debate ensues in the commons. where MPs will then hash out the details of the new tax proposals.

So, what can we expect from Reeves this time around? Increased public finances? Another raise for Sue Gray? Well, with Labour’s ambitious agenda in full swing, the first budget under this new government aims to introduce initiatives for economic growth, while trying ‘balance the books’ (the ‘books’, in this case, seem to be that illusive £22bn black hole).

Thanks to Labour’s pre-election commitments, there are a few things that we can be pretty certain of. Expect updates on the taxation of non-domiciles, the introduction of VAT and business rates for private schools (goodbye, tax loopholes!), and an increase in stamp duty for non-uk residents buying residential properties. However, fear not! The kind folks currently occupying Number 10 have promised there won’t be any tax hikes for “working people”. That means no increases in headline rates of income tax, National Insurance contributions, or VAT. Plus, they’ve ruled out raising corporation tax above 25%.

Of course, changes to Inheritance Tax and Capital Gains Tax are also on the table. After 14 years of Conservative rule, you can bet Labour is eager to make a statement in their first budget since 2010. So, mark the calendars, October 30th is shaping up to be quite the show. Let’s see if Rachel Reeves can deliver the financial blockbuster we’re all waiting for!