Rachel Reeves says she won't increase tax for working people
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Chancellor Rachel Reeves has launched a ￡500 million fund to help struggling families and children. The cash could be used to cut truancy, keep young people out of crime or help prepare them for work.
The Better Futures Fund aims to raise cash from local government, social investors, and philanthropists, on top of the government’s funding. Ms Reeves launched the initiative today as she visited a school in Wigan.
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But it comes at a difficult time for the Chancellor, after a Cabinet minister dropped heavy hints yesterday that she will be forced to impose tax rises on the wealthy after spending billions more than planned on benefits. The economy contracted by 0.1% in May and 0.3% in April.
When asked about tax hikes, Ms Reeves did not rule out the possibility of a new wealth tax but insisted commitments not to clobber "working people" remained.
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2 days ago13:45 Katie Harris
Chancellor pictured on school visit
Rachel Reeves has been pictured on a visit to a school in the North West as she launched a new ￡500 million fund to support vulnerable children and families across the country.
(Image: Getty)
(Image: Getty)
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2 days ago13:44 Katie Harris
Reeves refuses to be drawn on tax hikes
Chancellor Rachel Reeves would not be drawn on potential tax changes beyond restating the Labour manifesto commitment not to increase VAT, income tax or national insurance for workers.
She told reporters: "We haven't even set the date for the budget yet, so please forgive me if I'm not going to speculate about what might happen at an event that we haven't even decided a date on yet.
"But we've been really clear in our manifesto about the taxes that we won't increase, and we're not going to increase the taxes that working people pay, their income tax, their national insurance and their VAT, because I do recognise the struggle that ordinary working people have faced these last few years with the cost of living.
"And so those manifesto commitments around income tax, national insurance and VAT, they absolutely stand."
She added that her fiscal rules were "non-negotiable" as "they are what give working people security, around interest rates for example".
"Interest rates have come down four times in the last year under this Labour Government because of the stability that we've managed to return to the economy, which is underpinned by those fiscal rules, which have enabled the Bank of England, to cut interest rates."
2 days ago12:46 Katie Harris
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2 days ago10:00 Katie Harris
Labour minister grilled on reports tax won't be hiked for people on 'modest incomes'
On reports that the government won't increase taxes for "people on modest incomes", Chief Secretary to the Treasury Darren Jones told LBC: "Pur commitment as I say is not to increase the headline rates of income tax or employee national insurance.”
2 days ago09:06 Christian Calgie
Top Tory says unfair to tax six figure earners 60%
The Tory shadow chief secretary to the Treasury Richard Fuller says it “clearly isn’t fair” that earners who go above ￡100,000 a year face a marginal tax rate of 60%.
Speaking on Sky News Mr Fuller argued regardless of income level, Britain’s tax system “isn’t an efficient system” and the government must look at ways to improve things.
“There are other taxes that aren’t particularly efficient in terms of getting economic growth, such as stamp duty/land tax.
“The Chancellor should be going through all of these tax measures, if she’s really committed to growth, and be fearless. When she talks about fairness and economic growth she has to realise those things don’t completely align. So if she’s looking at economic growth she has to look for some of the tax inefficiencies that inhibit growth.”
Richard Fuller on Sky News (Image: Sky News)
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2 days ago07:55 Katie Harris
Reeves says new fund will give children 'better chance'
Ahead of her school visit later today, the Chancellor said: "I got into politics to help children facing the toughest challenges.
"This fund will give hundreds of thousands of children, young people and their families a better chance.
"For too long, these children have been overlooked."
2 days ago07:19 Katie Harris
Conservatives say announcement builds on Tory policy
Shadow Chancellor Sir Mel Stride said the Government's plans would "build on the Life Chances Fund - a Conservative policy that supports families and vulnerable children".
He added: "But Labour's jobs tax has pushed up unemployment and prices, trapping more children in workless, struggling homes.
"Labour are taxing work, choking growth, and driving families into hardship.
"Under Kemi Badenoch, the Conservatives back the makers - protecting public finances, supporting working parents, and making sure hard work pays.
"Britain deserves a government that rewards effort, not one that penalises success."
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2 days ago07:11 Katie Harris
Reeves to launch ￡500m fund
Chancellor Rachel Reeves will launch a new ￡500 million fund aimed at helping up to 200,000 vulnerable children.
The Better Futures Fund will be used to help struggling and vulnerable youngsters and their families with a variety of problems they face.
This could include early support to tackle challenges such as school absence, mental health issues, addiction and falling into a life of crime.
The fund will run for 10 years, and ministers plan to raise a further ￡500 million from councils, investors and philanthropists to top up the Government's cash.
The Chancellor will launch the initiative today as she visits a school in Wigan.