Watch: Office for Budget Responsibility responds to Rachel Reeves' £40bn tax hikes

Watch live as chair of the Office for Budget Responsibility (OBR) Richard Hughes holds a press conference after Labour's Budget was announced on Wednesday, 30 October.

Rachel Reeves, the UK's first female chancellor, announced tax hikes that will raise an eye-watering £40bn.
The chancellor said Labour had inherited a £22bn funding "black hole" from the Tories and would never again "allow a government to play fast and loose with public finances."

Ms Reeves promised to “invest, invest, invest” in order to “fix public services” after months of warning the public of the “tough choices” ahead.

She confirmed increases to employers' national insurance contributions, stamp duty on second homes and a scrapping of VAT exemption on private schools fees, and a new duty on vaping liquids.

Ahead of the press conference, the OBR said Ms Reeves’ plan “delivers a large, sustained increase in spending, taxation, and borrowing."

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[cihancevizli]

Absolute jokers!!! Just spend less instead of tax

[TalTheGardener]

The Media: the Southport situation is really bad, let's distract them with this

[fred]

Not looking forward to my tax bill thanks labour you are really doing a lot for working class people

[InderjitSingh-oijp]

Let me explain the budget to you.less shopping less drinking less going out 😂

[acesius]

The British government spends approximately £8 million per day on housing illegal immigrints in hotels. This amounts to around £2.9 billion per year. £2.9 billion.

Also, this year the British government sent £12.8 billion to ukraine, and has spent £13.3 billion this year on foreign aid.

In total, this is a staggering £29 billion.

This isn't mentioning them shutting down all coal plants, even though most carbon capture and storage (CCS) technologies capture 90% of the carbon dioxide emissions. The transition to net zero will cost £38.5 billion to £76.9 billion per year.

In total, this is a staggering £67.5 billion.

[t]

And all the money goes to Ukraine and Isreal🤣 absolute jokers

[tntprice]

UK citizens have been relegated to this one phrase "YOUR' a PEON" so suck it up

[DaveArguesback]

If we are sending 11 billion to africa for climate change are we borrowing that money 💰? If so tell those african countries to borrow it themselves ffs !

[J.Jonah.Jameson.]

How does it feel to be the worst female politician since Theresa May

[lwzfog]

RoboReeves is just another WEFMONSTER in WEFMINSTER
Boop Boop Beep Beep 🤖

[maxwellanderson]

The thing doing the reading, has he got a battery in his head

[daniellagreer]

Tax hike. Bleeding up the middle class

[Shadypirate]

A woman in charge of money is a disaster waiting to happen

[Celticsamuraiblue]

Joke Tinpot PONCE country👉🏻🏴󠁧󠁢󠁥󠁮󠁧󠁿
Joke FINISHED union 👎🏻🇬🇧

🏴󠁧󠁢󠁳󠁣󠁴󠁿☮️🇪🇺

[shicks]

This guy sounds ds like an AI ROBOT. Is he real . His presentation is quite the most boring explanation I have ever heard,