So much for a Budget for growth! This is a return to big government - high tax, high spend, high borrowing. And you didn't read that in Labour's manifesto: Analysis by JASON GROVES Follow the latest updates on today’s Budget in our MailOnline live blog By Jason Groves Political Editor For The Daily Mail Published: 16:01, 30 October 2024 | Updated: 16:21, 30 October 2024 e-mail 31 View comments So much for a Budget for growth. Despite Rachel Reeves committing to a staggering £400billion of extra spending over the next five years, Britain’s economic watchdog today predicted that economic growth will actually be lower than forecast at the last Tory Budget in March.
In a finding that will have infuriated the new Chancellor, the Office for Budget Responsibility (OBR) cut its growth forecasts for the later years of this decade. All that money, and the economy will go slower. To make matters worse, the OBR found that the spending spree unveiled by Ms Reeves will push up inflation and mortgage rates, while the dramatic tax hike will squeeze wages.
Britain’s economic watchdog today predicted that economic growth will actually be lower than forecast at the last Tory Budget in March Despite the noisy election pledges to protect ‘working people’, those same working people now face the prospect of a higher cost of living, higher mortgage payments and lower wages as a direct result of today’s decisions Rachel Reeves committed to a staggering £400billion of extra spending over.
