In her first speech at Labour’s annual conference Chancellor Rachel Reeves promised there will be “no austerity” in the new government’s first budget on October 30.
A spokesperson for industry data platform Stocklytics said the news will please consumers but “concerns remain” around the “squeezed middle class” amid the decision around winter fuel payments and school fees.
The Chancellor said her optimism for the UK “burns brighter than ever” as she slammed Liz Truss’s “experiment” adding that “any plan for growth without stability leads to ruin.”
Stocklytics expert added that the budget will be of ‘keen interest to investors’ and will be “crucial” and a “major cornerstone of the Government’s legacy.”
A spokesperson from Stocklytics said, “Consumers will be pleased to hear the Chancellor’s commitment to not reverting to austerity measures. Maintaining income tax, National Insurance, and VAT levels will be welcomed by many across the country but concerns remain around the squeezed middle classes as private school fees being charged VAT and the means-tested winter fuel payments for pensioners may mean higher bills or reduced income for some.
All eyes will be on October’s Budget to see the full extend of these measures as the Chancellor looks to plug the £22bn black hole in the national coffers.
“The new industrial strategy – that the chancellor will publish with the business secretary next month – will be of keen interest to investors, business leaders, and more. It will be crucial for future confidence in the economy for the government to lay out its plan for growth for investment. It could be a major cornerstone of this Government’s legacy if it is successful in deliver the gains for the economy that is hoped”
