A Budget to cut the cost of living and lift children out of poverty
The Chancellor of the Exchequer Rachel Reeves delivered her second Budget, setting out the fair choices that this Government is taking, a Budget grounded in Labour values.
Labour is putting more money into people’s pockets, tackling the cost of living and lifting hundreds of thousands of children out of poverty.
- We will save families £150 on average next year, rising to £300 for many poorer households.
- Scrapping the two-child limit in Universal Credit will lift 450,000 children out of poverty by the next election – the largest ever reduction in a single parliament.
- Boosting the National Living Wage and National Minimum Wage will increase the incomes of around 2.7 million workers.
- Freezing rail fares for the first time in 30 years will save passengers hundreds of pounds a year.
In contrast, the Conservatives and Reform have pledged billions in cuts – a return to the austerity that left Britain in decline.
Chancellor of the Exchequer, Rachel Reeves, said:
“I can tell you today that, for every family we are keeping our promise to get energy bills down and cut the cost of living with £150 taken off the average household energy bill from April.
“Money off bills, and in the pockets of working people. That is my choice.”