Reading MPs welcome first Labour budget in 14 years

The budget announced by Labour Chancellor Rachel Reeves comes in the backdrop of a £22 billion gap in government finances.

To mitigate that, the government has announced £40 billion worth of new taxes.

As well as plugging the shortfall, spending plans include £6.7 billion pounds for education investment, and the reintroduction of school breakfast clubs, which was one of Labour's general election manifesto pledges.

The announcement of the budget was made in parliament on Wednesday, October 30.

Welcoming the budget policies, Matt Rodda, the Labour MP for Reading Central, said: "This is a really important budget, the new government has had a dreadful inheritance but it is tackling the £22 billion black hole left by the last government.

"I'm pleased that the budget will start to tackle the damage of the last 14 years.

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"It is the start of what we want to achieve, it will help get the country's finances on a firm footing and also to increase investment in the NHS, public services and infrastructure, helping to generate growth.

"I'm pleased with the emphasis on education, with investment in breakfast clubs, building new schools, helping vulnerable children with more money for special needs and disabilities.

"The budget includes important measures to help tackle climate change, such as more support for the transition to electric vehicles.

"It also includes action to support small business, including pubs and local shops, such as a reduction in duty on draft drinks and the reform of business rates to help small business in areas like town centres."

Olivia Bailey, the Labour MP for Reading West and Mid Berkshire, echoed the assistance the budget provides to the hospitality industry.

She said: "People in Reading West and Mid Berkshire voted for change to stabilise our economy and fix our broken public services.

"And now we’ve started to deliver. We will have thousands more appointments in our local NHS, the teachers and buildings our schools need and significant new investment in SEND.

The three elected Reading Labour MPs Olivia Bailey, Matt Rodda and Yuan Yang with Rachel Reeves, the Labour chancellor. (Image: James Aldridge, LDRS)

"Despite the terrible Tory inheritance, this government will honour its promise that working people will not face higher taxes in their payslip.

"And I can’t forget the incredibly exciting news for our local high street businesses, brewers and pubs  – with  40 per cent relief on business rates for the retail, hospitality and leisure industry and cheaper draught pints."

Here, she was referring to the reduction in draught drinks duty by a penny.

Finally, Yuan Yang, the Labour MP for Earley and Woodley said: "In the 2010s we were dragged through austerity, with govt budgets that hit the poorest the hardest.

"Now after 14 years, we finally have a Labour budget that is progressive and lifts up those most in need."

The government's budget must be voted on in Parliament before it becomes law.

The last Labour budget was presented to Parliament in March 2010.