In-depth coverage of the Budget dominates the newspapers, breaking down the tax and spending measures announced by Chancellor Rachel Reeves in the House of Commons. “High welfare, high taxes” is the Times’ view, saying Reeves will “raise taxes to the highest levels in history.” The document explains that “one in four taxpayers, equivalent to 10.6 million people, will be taxpayers with higher or additional rates in 2030.” It includes the Office for Budget Responsibility (OBR) forecast, which says “the increases would affect living standards and could ‘restrict economic activity'”.
“The budget is as billed” is the opinion of the Metro. “You are paying!” he adds, writing to the chancellor “will make workers pay £26bn more in taxes, a year after promising no rises.” The newspaper recounts an “error by the Office of Budget Responsibility that published its verdict in [the chancellor’s] plan 40 minutes in advance.” This caused a “brief rollercoaster in the stock market,” he claims, and conservatives demanded “a criminal investigation.”
The Financial Times focuses on the reaction to the budget, citing official forecasts and opinions of economists, while highlighting in the headline that it “shatters fiscal records.” “The OBR said a weaker outlook and a rising tax burden would squeeze household finances,” the paper says. Meanwhile, he writes that “bond markets welcome the decision to increase the Treasury’s fiscal space.”
“Spend now, pay later” is the i Paper’s view, as the chancellor sets out plans to “boost profits and tackle the UK’s black hole”. The newspaper quotes Reeves as saying that “ordinary people” should “pay a little more” as “1.8 million workers are dragged into a higher tax band.”
“Millions more to pay higher income taxes” is the Independent’s headline and key takeaway. Chancellor confirms ’43 tax rises to raise record £26bn’. It says Reeves “removed” the two-child benefit limit, adding £9bn to social care spending.
The Daily Mail describes Reeves’ measures as “spiteful attacks on fighters”, referring to what it calls a “budget disaster” and saying the chancellor’s message is “if you work hard and save wisely, I’ll come for you”.
Conservative leader Kemi Badenoch’s assessment is published by the Daily Express: “A budget for profit street.” She believes the new measures will hit “working Britons” hardest as the government seeks to “increase social care spending to £406 billion by 2030-31” for measures such as removing the two-child benefit cap.
The Sun headlines what it calls a “profit street” budget, saying: “Workers and savers hit… to fund growing welfare bill.” The Conservatives are now accusing the chancellor of breaking “Labour’s manifesto promises”, he writes, and claiming that Rachel Reeves has “refused to rule out further punitive rises”.
Photoshop, or another image-altering program, has helped the Daily Star portray Reeves as the Christmas Grinch on its cover, a grumpy, green-skinned fictional character who “stole Christmas” in his eponymous film. The Star dubs the chancellor “Rachel Thieves,” accusing her of crafting a budget that is “all taxes, taxes, taxes and spending, spending, spending.”
“A budget with a Labor heart” is the view of the Daily Mirror, which says it was “drawn up with ordinary people in mind”. The paper calls the two-child benefit limit “cruel,” saying the policy “trapped 450,000 children in poverty.” He also writes that “Reeves increased gambling taxes and imposed a levy on homeowners with properties worth £2 million.”
The Daily Telegraph says Reeves’ tax return contains “broken promises” including a “new tax on homes worth more than £2m” and other measures which he claims will hit “pensions and savings”. Reeves gave “assurances” after the last Budget’s “£40bn in tax rises” that “there will be no further rises before the next election”, according to the newspaper.
The Guardian quotes the Chancellor as saying: “I’m asking everyone to make a contribution” and then explaining that this was “to repair the public finances”. Reeves says he “avoided reckless borrowing and dangerous cuts”, while the newspaper notes that the ratio of taxes to GDP will reach an “all-time high of 38%” in 2030.
