Reeves: Budget asks working people to contribute a bit more

ODN

Chancellor Rachel Reeves defends her Budget announcements saying that the Labour manifesto "said we wouldn't increase the rate of National Insurance, Income Tax, or VAT" but admits that "working people will contribute a bit more" as a result of tax thresholds being frozen. Report by Ketchs. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

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00:00I was clear in my speech yesterday that I do recognise that freezing the thresholds from

00:062028 does mean that working people will contribute a bit more. I've kept those...

00:12Well, in the manifesto, it said we wouldn't increase the rates of income tax, national

00:17insurance or VAT, but I'm not denying that this is asking people to contribute a bit more.

00:24But we were able to keep that contribution to a minimum through other changes I announced

00:29yesterday. So taxing the gambling companies, taxing properties worth more than £2 million

00:35with the high-value council tax surcharge, ensuring that landlords and people who get

00:41their money from dividends pay a bit more in tax. And because of those changes and also

00:46closing the tax loopholes, further efficiencies in public spending, I was able to keep that

00:53down. And of course, it's not until 2028. Next year, people are getting £150 off their

00:59energy bills as well as the freezes in prescription charges and also that freeze in train fares

01:06costs as well.

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