Welcome to an unique Ask Me Something session with me, Andrew Grice, political commentator for The Impartial.
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Chancellor Rachel Reeves will deliver her first spring statement on Wednesday, setting out her financial plans for the UK.
With spending cuts, potential tax modifications, and shifts in authorities priorities on the desk, this announcement can have a big impression on households and companies alike.
Spending cuts are a significant concern, with some Whitehall departments going through reductions of as much as seven p.c over 4 years. Current welfare reforms will slash £5 billion from advantages, the steepest cuts since 2019, elevating issues over public providers.
Reeves might also prolong the freeze on revenue tax thresholds past 2028. Whereas not a direct tax hike, this might push extra folks into larger tax brackets on account of “fiscal drag,” rising their tax burden.
Labour’s plan to spice up defence spending to 2.5 p.c of GDP by 2027 is one other contentious concern. The anticipated reallocation of worldwide support funds has drawn criticism from charities, whereas the transfer aligns with US strain for stronger European defence commitments.
So what’s going to these modifications imply to your funds? Will you find yourself paying extra tax? How will spending cuts have an effect on public providers? And when will these insurance policies come into power?
Past the speedy financial impression, the political ramifications of this spring assertion are additionally value exploring. Does this sign a long-term shift in Labour’s financial method below Reeves and Starmer? Is Labour positioning itself because the social gathering of fiscal accountability, even at the price of conventional welfare commitments?
In case you have a query on the spring assertion, submit it now, or once I be part of you reside at 3pm on Thursday 27 March for the “Ask Me Anything” occasion.
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Don’t fear in the event you can’t see your query – they might be hidden till I be part of the dialog to reply them. Then be part of me reside on this web page at 3pm as I sort out as many questions as I can.
