Rachel Reeves' Budget in 90 Seconds

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Transcript

00:00Chancellor of the Exchequer, Rachel Reeves, has been able to expand her fiscal buffer to £22 billion.

00:05This is according to an early release of the Office for Budget Responsibilities forecast.

00:11Well, he'll only have to wait a few minutes for the full details of the budget.

00:16But, Mr Speaker, every week he comes here with the same problem. He always wants more spending.

00:23The Office for Budget Responsibilities Economic and Financial Outlook was released on their website before this statement.

00:30This is deeply disappointing and a serious error on their part.

00:34I will more than double the headroom against our stability rule to £21.7 billion.

00:42I am introducing the high-value council tax surcharge in England, an annual £2,500 charge for properties worth more than £2 million.

00:53I will ensure that drivers are taxed according to how much they drive, and not just by the type of car they own.

01:00I will also reform gambling taxes.

01:03I am increasing remote gaming duty from 21% to 40%,

01:08with duty on online betting increasing from 15% to 25%.

01:15As a result of the tax reforms I have made today, I can confirm that I will not be increasing national insurance,

01:22the basic higher or additional rates of income tax, or VAT.

01:27Let's go ahead.

01:27Let's continue.

01:35Let's continue.

01:38Let's continue.