Rachel Reeves’ inaugural budget marks a significant moment for the Labour Party and the nation’s tax landscape. Historian Robert Saunders reflects on Gladstone’s lengthy budget speeches, while David Lough discusses Churchill’s gold standard decision. Veteran journalist Andrew Marr highlights notable postwar budgets, and Paul Johnson of the IFS explains the institute's crucial role in budget day traditions.
Chancellor Rachel Reeves announced that she has successfully negotiated spending allocations with all UK cabinet members ahead of next week’s budget, despite previous tensions over departmental cuts. In a light-hearted reference, she noted that the tradition of inflating balloons for each department has concluded, as there are now "no balloons left" in the Chief Secretary's office.
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