‘Reeves’ £40bn tax gamble’ and ‘bombshell for Britain’s strivers’

The Budget delivered by Rachel Reeves on Wednesday, the first by a Labour chancellor in 14 years, dominates the front pages. The Metro says Reeves announced a “huge series of investments”, particularly in schools and the health service, but that they will be paid for with £40bn of extra taxes and a rule change to allow the government to borrow £127bn this year.

The headline in the Metro reads: "Labour's £40bn Budget grab: Things can only debt better!" — The Budget delivered by Rachel Reeves on Wednesday, the first by a Labour chancellor in 14 years, dominates the front pages. The Metro says Reeves announced a “huge series of investments”, particularly in schools and the health service, but that they will be paid for with £40bn of extra taxes and a rule change to allow the government to borrow £127bn this year.

The Financial Times says Reeves introduced the “biggest Budget tax increase in a generation”, with businesses and the wealthy bearing the brunt, and that the changes are intended to fix the country’s finances and public services. It adds that the extra borrowing will fund an extra £100bn of capital spending over the parliament, ushering in a “massive expansion of the state that will define political battle lines for years to come”.

The headline in the Financial Times reads: "Reeves unveils £40bn Budget tax rise". — The Financial Times says Reeves introduced the “biggest Budget tax increase in a generation”, with businesses and the wealthy bearing the brunt, and that the changes are intended to fix the country’s finances and public services. It adds that the extra borrowing will fund an extra £100bn of capital spending over the parliament, ushering in a “massive expansion of the state that will define political battle lines for years to come”.

The Budget is described as a “great £40bn tax gamble” by the i. The paper says Reeves hopes to encourage growth by boosting investment, but that the changes are set to cost households £300 per year, and that the Office for Budget Responsibility (OBR) has warned the rise in employers’ national insurance will hit jobs.

The headline in the i reads: "Reeves' great £40bn tax gamble". — The Budget is described as a “great £40bn tax gamble” by the i. The paper says Reeves hopes to encourage growth by boosting investment, but that the changes are set to cost households £300 per year, and that the Office for Budget Responsibility (OBR) has warned the rise in employers’ national insurance will hit jobs.

The Guardian says the Budget included an “emergency NHS cash injection” and that Reeves has “gambled on voters rewarding the government for patching up Britain’s crumbling services”.

The headline in the Guardian reads: "Return of tax and spend". — The Guardian says the Budget included an “emergency NHS cash injection” and that Reeves has “gambled on voters rewarding the government for patching up Britain’s crumbling services”.

The Budget took the tax burden to the highest level on record, according to the Times. The paper says that, on top of the hike in employers’ national insurance, there will be an increase in capital gains tax as well as temporary freezes to the thresholds for income and inheritance tax.

The headline in the Times reads: "A record tax burden". — The Budget took the tax burden to the highest level on record, according to the Times. The paper says that, on top of the hike in employers’ national insurance, there will be an increase in capital gains tax as well as temporary freezes to the thresholds for income and inheritance tax.

The Sun’s Halloween-themed headline reads: “At least she kept it down at the pump-kins!” There had been some speculation that Reeves would end the freeze on fuel duty that has been in place since 2011, but in her statement she announced it would be extended.

The headline in the Sun reads: "After mega £40bn tax grab... At least she kept it down at the pump-kins!" — The Sun’s Halloween-themed headline reads: “At least she kept it down at the pump-kins!” There had been some speculation that Reeves would end the freeze on fuel duty that has been in place since 2011, but in her statement she announced it would be extended.

The increase in public spending will help “undo 14 years of Tory negligence”, says the Daily Mirror. It adds that that Budget included an end to tax breaks for non-doms and private schools and quotes Reeves saying: “This is the start of a decade of renewal”.

The headline in the Mirror reads: "Historic 2024 budget: Spending power". — The increase in public spending will help “undo 14 years of Tory negligence”, says the Daily Mirror. It adds that that Budget included an end to tax breaks for non-doms and private schools and quotes Reeves saying: “This is the start of a decade of renewal”.

The Daily Telegraph says the tax rises have “crushed hopes of higher growth” and will “damage living standards”. It adds that the OBR has cut its growth forecasts for most of this decade and quotes an economist warning that a “sugar rush” of economic growth from higher government spending will quickly wane.

The headline in the Times reads: "Nightmare on Downing Street". — The Daily Telegraph says the tax rises have “crushed hopes of higher growth” and will “damage living standards”. It adds that the OBR has cut its growth forecasts for most of this decade and quotes an economist warning that a “sugar rush” of economic growth from higher government spending will quickly wane.

And the Daily Mail says Reeves delivered a “tax bombshell for Britain’s strivers” and that the OBR’s “bleak” forecasts have made a “mockery of her ambition” to be the most pro-growth chancellor in history.

The headline in the Mail reads: "Reeves £40bn tax bombshell for Britain's strivers". — And the Daily Mail says Reeves delivered a “tax bombshell for Britain’s strivers” and that the OBR’s “bleak” forecasts have made a “mockery of her ambition” to be the most pro-growth chancellor in history.

The Budget delivered by Rachel Reeves on Wednesday, the first by a Labour chancellor in 14 years, dominates the front pages.

The Times says it delivered the biggest rise in tax and borrowing for a generation and takes the tax burden to the highest level on record. It also homes in on the rise in borrowing, which it says is the biggest surge outside a crisis for more than 30 years.

In its editorial, it says there is much to criticise about the budget, chiefly that forecasts from the Office of Budget Responsibility suggest it won’t deliver the long-run growth that the chancellor had promised.

“Nightmare on Downing Street” is the Daily Telegraph’s headline. The paper says Reeves has crushed hopes of higher growth with a record “tax raid” that will damage living standards. It argues that millions of workers will now face two years’ of stagnant pay as the tax raids squeeze businesses and staff, adding that the Budget was characterised by “mendacity” and broken election promises.

The Sun continues the seasonally scary theme, calling the budget a Halloween horror show – complete with a picture of the chancellor as a pumpkin. But it praises the freeze on fuel duty, an issue it had campaigned on. “At least she kept it down at the pump-kins,” it quips.

As far as the Daily Mail is concerned, the budget is a “£40bn tax bombshell for Britain’s strivers” that has prompted the country’s growth prospects to take, in its words, a dive. It accuses the chancellor of using a sleight of hand to pilfer people’s wallets.

The Guardian greets the first Labour budget in 14 years with the headline: “Return of tax and spend”. It describes the measures as a “massive package”. The chancellor, it suggests, is gambling on voters being happy that the government is raising money to try and patch up, in the paper’s words, Britain’s crumbling public services, notably health and schools.

The Budget delivered by Rachel Reeves on Wednesday dominates the front pages

Chancellor Rachel Reeves seen standing outside 11 Downing Street holding the chancellor's red red box. — The Budget delivered by Rachel Reeves on Wednesday dominates the front pages

For the Daily Mirror it was a “historic budget” raising record cash to transform the NHS and schools, and undoing 14 years of Tory negligence. It says the decision to raise taxes to fund schools and hospitals won’t be universally welcomed but is “categorically right”.

Away from the budget, the Times reports that Scotland’s national reading charity has come under fire for altering the lyrics of what it calls “beloved” children’s songs to remove references to alcohol and violence. In one example, the Scottish Book Trust changed the title of What Shall We Do With a Drunken Sailor to What Shall We Do with a Grumpy Pirate.

Scottish Conservative MSP Stephen Kerr tells the Telegraph that the changes are “ridiculous” and accuses the organisation of serving up what he calls “politically acceptable gruel”. The trust defends itself, saying it is common for songs to evolve.