UK Budget: Watch the Key Moments From Reeves' Speech

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Transcript

00:00Madam Deputy Speaker, it is my understanding that the Office of Budget Responsibility's

00:05Economic and Financial Outlook was released on their website before this statement.

00:10This is deeply disappointing and a serious error on their part.

00:15The Office of Budget Responsibility have already made a statement taking full responsibility

00:22for their breach.

00:24Someone who has invested £1,000 a year in an average stocks and shares ISA every year

00:32since 1999 would be £50,000 better off today if they'd put that same money into a cash

00:42ISA.

00:44And so from April 2027, I will reform our ISA system, keeping the full £20,000 allowance

00:53while designating £8,000 of it exclusively for investment, with over 65s retaining the

01:00full cash allowance.

01:02And thanks to our changes to financial advice and guidance, banks will be able to guide savers

01:08to better choices for their hard-earned money.

01:10Over 50 per cent of the ISA market, including Hargreaves-Lansdowne, HSBC, Lloyds, Vanguard and Barclays, have

01:19signed up to launch new online hubs to help people invest here in Britain.

01:25And so from 2028, I am introducing the High Value Council Tax Surcharge in England, an annual

01:36£2,500 charge for properties worth more than £2 million, rising to £7,500 for properties

01:45worth more than £5 million.

01:47This will be collected alongside Council Tax, levied on owners, and we will consult on options

01:54for support or deferral.

01:56This new surcharge will raise over £400 million by 2031 and will be charged on less than the

02:04top 1 per cent of properties.

02:07As a result of the tax reforms I have made today, I can confirm that I will not be increasing

02:13national insurance, the basic higher or additional rates of income tax, or VAT.

02:21I can announce today, fully-costed and fully-funded, the removal of the two-child limit in full

02:29from April.

02:30We on this side of that, it's amazing what people get so angry about, and we've seen

02:47their true comments today.

02:48The thing they get angry about is lifting children out of covetous.