The first budget under the new government will take place on 30 October, Rachel Reeves has announced.The chancellor confirmed the date of the budget – Labour’s first since taking office on 4 July – during a lengthy statement in the Commons detailing the state of the country’s finances.
Ms Reeves made her statement off the back of a Treasury review into the government finances, which she said had uncovered a £22bn black hole.The Conservatives have interpreted Ms Reeves’ statement as laying the ground for potential tax hikes at the next budget, despite Labour ruling out increasing major taxes during the election campaign.This breaking news story is being updated and more details will be published shortly.Please refresh the page for the fullest version.You can receive Breaking News alerts on a smartphone or tablet via the Global News Cast App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
