Budget 2024 calculator – see if you’re better or worse off after Rachel Reeves’ Autumn Statement

By Ryan Sabey, Deputy Political Editor

RACHEL Reeves will be grilled in a special Budget edition of The Sun’s Never Mind The Ballots show today.

Our Political Editor Harry Cole will put the Chancellor on the spot shortly after she’s finished delivering her crucial address in the House of Commons.

It will be available to watch on thesun.co.uk, YouTube and Sun social channels at 5.30pm.

Topics will include her decision on whether to spare motorists a fuel duty rise, and the expected eye-watering tax rises she will impose.

Since its launch earlier this year, NMTB has cemented its place at the heart of British politics.

During the General Election campaign The Sun was the only print publisher to host back-to-back grillings of Rishi Sunak and Sir Keir Starmer.

Footage from The Election Showdown has been viewed over 15 million times.

NMTB has also featured interviews with ex-PMs Boris Johnson and Liz Truss, as well as senior politicians Nigel Farage, James Cleverly, Wes Streeting, Steve Reed and Bridget Phillipson

By Harry Goodwin

Today is the first Labour budget for 14 years – and the first ever to be delivered by a female Chancellor.

Brits are bracing for a raft of tax hikes as Rachel Reeves tries to plug the “£22billion black hole” she says she’s found in government accounts.

Here are five other budgets which have caused a stir over the years.

1979 – Geoffrey Howe, Conservative

Margaret Thatcher’s Chancellor Geoffrey Howe slashed both the top rate of income tax and the standard rate.

He also doubled VAT – shifting the tax burden from income to consumption in a huge change for Brits.

Howe also eased controls on foreign exchange in a bid to control inflation.

The budget signalled a massive break from the last Labour government and set the pattern for decades to come.

1988 – Nigel Lawson, Conservative

Nigel Lawson (dad to domestic goddess Nigella) massively slashed income tax again.

The deputy Commons speaker twice cleared the chamber amid noisy protests from Labour MPs slamming the tax cuts.

Lawson also set off a property bonanza by announcing an end to double mortgage tax relief for couples buying homes.

1993 – Norman Lamont, Conservative

In March 1993 the economy was still reeling from Black Wednesday, when the pound crashed out of the European exchange rate mechanism.

Lamont announced tax rises including VAT on domestic gas and electricity.

Later that year Lamont’s successor Ken Clarke froze personal tax allowance and brought in stealth taxes on insurance and plane passengers.

The Lamont and Clarke budgets marked the end of the Tories’s scything tax cuts – and set the stage for Labour’s return to office in 1997.

2002 – Gordon Brown, Labour

Brown raised national insurance by a penny on the pound to fund higher spending on the NHS.

The future PM had fretted over a possible backlash from voters who had re-elected Labour in 2001.

But he managed to pull off the largest rise in health spending in the history of the NHS.

2009 – Alistair Darling, Labour

Labour’s last budget before today came amid the credit crunch and soaring unemployment.

Darling ramped up taxes and borrowing in a bid to fill up draining Treasury coffers.

Tory leader David Cameron blasted Labour’s ‘utter mess’ – and was in power a year later.

2022 – Kwasi Kwarteng, Conservative

Kwarteng unveiled his economic package less than a month after becoming Liz Truss’s Chancellor.

Technically, it was a fiscal statement rather than a budget – but it turned out to be just as seismic.

Rising Tory star Kwarteng announced £45billion in tax cuts including a drop in all rates of income tax.

Markets took frights and the pound went into freefall before the Bank of England waded in to stop a run on UK pension funds.

Mortgage rates soared and Kwarteng was out of the job just three weeks later.