Explainer: How much pain could the next budget bring?

Labour is claiming a multi-billion-pound hole in public finances.

Transcript

00:00Chancellor Rachel Reeves is poised to deliver the UK autumn budget on October 30th, marking

00:08Labour's first comprehensive fiscal plan since coming to power. The budget is anticipated

00:15to address the £40bn hole that's suggested in public finances, with a mix of tax hikes

00:22and spending cuts likely on the agenda. Key policy announcements may include the freedom

00:29to buy housing initiative designed to boost home ownership amongst renters, and potential

00:35reforms to capital gains and inheritance taxes. Additionally, the budget is expected to focus

00:42on increasing funding for the NHS, education and green energy projects. The Conservative

00:49Party has criticised Labour's approach, warning that significant tax increases could stifle

00:55economic growth, suggesting that the budget may not go far enough to support businesses

01:01and families during the current cost-of-living crisis.