The winners and losers of Labour’s first Budget

Telegraph Money analyses whether the Chancellor will leave you better or worse off

Today’s the day.
After months of rumours about what will be in Labour’s first Budget, Rachel Reeves will stand up in the House of Commons in around an hour’s time and lay out her Budget.
The Chancellor has made no secret of her intentions with her first fiscal statement, warning that the Budget will be “painful”, and that those with the broadest shoulders should bear the biggest burden.
While there are no guarantees before Ms Reeves delivers her speech, it is safe to assume pensioners and investors will be in the firing line as the Government tries to meet its commitment to not raise taxes on working people.
For instance, we already know millions of Britain’s pensioners will lose the winter fuel allowance this year as part of Labour’s cost-cutting measures.
But working people won’t get off scot-free. There are rumours that the Chancellor is likely to extend the freeze on income thresholds to 2030 in a move that will act as a stealth tax pushing more people, including pensioners, into paying more tax.
Furthermore, reports that employers will have to pay increased National Insurance contributions on employee salaries have drawn backlash as many expect the cost to be passed to workers.
Ms Reeves drew further ire when it was reported that public sector employers will be saved from having to pay National Insurance on pensions contributions, while private employers will pick up the tab. This will likely deepen the divide between the private and public sectors, the latter of which already benefits from more generous pension schemes.
Another expected move will see the stamp duty thresholds that were raised under Liz Truss’ tenure fall again, saddling more homebuyers – including downsizers – with bigger tax bills.
Pensions reform is expected to be in the scope of the Budget, with the Chancellor understood to have looked at reducing the amount that can be taken from retirement savings tax-free.
I will be updating this piece live as Ms Reeves speaks so check back here to find out who the winners and losers are – I’ll keep my fingers crossed for you.