>>a >> a very, very good afternoon to you. >> it's 3 pm. >>— >> it's 3 pm. >> welcome to the martin daubney show here on gb news. >> of course, broadcasting live from the heart of westminster and all across the uk. >> on today's show, chancellor rachel reeves has dropped a £40 billion tax bomb in labour's first budget for 14 years. but of course she still blames the tories. >> any chancellor standing here today would have to face this reality and any responsible chancellor would take action and

among those impacted today are small businesses who have been hammered with £25 billion worth of national insurance tax hikes and with hikes of 1.2% for all employees and thresholds lowered, as well as an increase in the minimum wage. >> was today a nightmare on downing street for small business owners .7 and a ten year business owners? and a ten year plan for labour is their mission to save the nhs once again with a £226 to save the nhs once again with a £22.6 billion increase in day to day spending. >> the largest real terms growth in day to day nhs spending outside of covid since 2010. >> and rachel reeves has also announced more funding for the defence budget. >> today i am announcing a total increase to the ministry of defence budget of £2.9 billion next year, ensuring that the uk comfortably exceeds our nato

commitments . commitments. >> and in his final session as the shadow prime minister, rishi sunak, today was in fine form, blasting labour's budget, accusing them of fiddling the figures. of breaking promises and imposing £40 billion of what he called reckless tax rises that will make growth less lower under this government than under his tory government. >> labour's claims about their inheritance are purely ludicrous. these are her choices. so stop blaming everyone else and take responsibility . responsibility. >> welcome to the show. so the first labour budget in 14 years, the first budget delivered by a female chancellor and the highest tax hikes on record. we're going to be here throughout the afternoon to help you make sense of it. who were the winners? who were the

losers? how will it impact you will have economists and politicians and financial experts, landlords , small experts, landlords, small business consultants. we want to make you help make sense of the most important day in the political calendar, and certainly the most important day so far in this labour party's tenure. send your views in. what do you think about today's show on downing street? was it that nightmare before halloween you feared or not as bad as you expected? get in touch, gbnews.com/yoursay. but now here's your headlines with sophia wenzler. >> martin. thank you. good afternoon . it's just gone. 3:00. afternoon. it's just gone. 3:00. here's your headlines. rachel reeves has vowed to invest. invest , invest reeves has vowed to invest. invest, invest as she announced one of the biggest tax raising budgets in a generation, and the first for a labour chancellor in 15 years. laying blame on the conservative party, who she says failed britain. she said austerity broke our nhs , brexit

austerity broke our nhs, brexit broke businesses and the mini—budget broke the economy. turning to taxes, the chancellor confirmed to the commons that taxes will rise by £40 billion, saying any chancellor would face the same reality and any responsible chancellor would take action. >> the scale and seriousness of the situation that we have inherited cannot be underestimated. together, the hole in our public finances this yean hole in our public finances this year, which recurs every year, the compensation schemes that they did not fund, and their failure to assess the scale of the challenges facing our public services, means that this budget raises taxes by £40 billion. any chancellor standing here today would have to face this reality , would have to face this reality, and any responsible chancellor would take action. that is why today i am restoring stability today i am restoring stability to our public finances and

rebuilding our public services . rebuilding our public services. >> however, in his final act as interim leader of the opposition, rishi sunak slammed labour's financial plan, claiming it proves the government hasn't been straight with voters. >> the former prime minister claims the keir starmer and the chancellor fiddled the figures and that working people will have to pay the price. >> he said conservatives warned of labour's hidden tax and borrowing plans, which he now calls a truth come to light. here's how rishi sunak summed up the chancellor's budget mark tufnell insurance up , capital tufnell insurance up, capital gains tax up inheritance tax up energy taxes up. >> business rates up . first time >> business rates up. first time buyer stamp duty up . pensions buyer stamp duty up. pensions tax up. >> they have fiddled the figures . >> they have fiddled the figures. they don't like it. mr speaker . they don't like it. mr speaker. >> so let's take a look at some of the sweeping changes covered

in the labour budget. first, a 6.7% increase to the minimum wage , bringing it to £12.21 and wage, bringing it to £12.21 and a rise in national insurance for employers to 15%. vat will be introduced on private school fees in 2025, while non—dom tax status is set to be abolished. capital gains tax will rise, with the lower rate moving from 10% to 18% and inheritance tax thresholds frozen until 2030. a £2.3 billion boost goes to schools with tripled funding for breakfast clubs , and an breakfast clubs, and an additional 2.9 billion will also be directed to the ministry of defence . now, gb news can reveal defence. now, gb news can reveal that yet another migrant has died in the english channel today, as the number of people crossing illegally hit a new record high of 30,000. around 15 people were rescued after they fell into the sea, while trying to join a boat off the coast of calais this morning . one man was calais this morning. one man was declared dead when he was

brought ashore . the latest death brought ashore. the latest death bnngs brought ashore. the latest death brings the number of people who have died while attempting the journey so far this year to 50. southport attack suspect axel rudakubana has appeared in court charged with terror and biological weapons offences. the 18 year old appeared via video link at westminster magistrates court to answer the new charges, including making the deadly toxin ricin and possessing an al—qaeda terror manual. authorities discovered a quantity of the toxin at rudy cabana's home following a stabbing attack at a dance class in southport, which left three children dead and multiple others injured. despite the new charges, police have not classified the incident as a terrorist attack. rudy cabana will return to court next month on the 13th of november and just days before the us election. footage has surfaced of president biden appearing to call trump supporters garbage. >> and just the other day, a speaker at his rally called

puerto rico a floating island of garbage. well, let me tell you something. the only garbage i see floating out there is your supporters . supporters. >> the white house insists he was targeting hateful rhetoric used against puerto ricans at a recent trump event, but republicans and trump's campaign have condemned the comments. seizing on the controversy, trump accused democrats of running a campaign of hate. meanwhile, with the polls showing the race is still neck and neck, vice president kamala harris is urging americans to turn the page on drama and conflict . those those are the conflict. those those are the latest gb news headlines. now it's back to martin for the very latest gb news direct to your smartphone, sign up to news alerts by scanning the qr code, or go to gb news. >> dot com. forward slash alerts .

>> dot com. forward slash alerts. >> dot com. forward slash alerts. >> thank you sophia. now get ready for three hours of common sense, helping you to make sense of today's budgets because chancellor rachel reeves has revealed that taxes will rise by a whopping £40 billion as she delivered the first budget by a labour government in 14 years. she said the country had voted for change as she mounted what looks set to be the biggest raid in history in the commons earlier on. today . and take earlier on. today. and take a look at the chancellor in action. >> the scale and seriousness of the situation that we have inherited cannot be underestimated. together, the hole in our public finances this yean hole in our public finances this year, which recurs every year, the compensation schemes that they did not fund and their failure to assess the scale of the challenges facing our public services means that this budget raises taxes by £40 billion. any chancellor standing here today would have to face this reality ,

would have to face this reality, and any responsible chancellor would take action. that is why today i am restoring stability today i am restoring stability to our public finances and rebuilding our public services . rebuilding our public services. >> well, so much to analyse and make sense of. and let's start by going to gb news. presenter tom harwood tom. it was the first labour budget in 14 years. the first ever female chancellor delivering a budget, and we got the biggest tax rises in history, £40 billion worth of tax hikes. tom, tell us more . tax hikes. tom, tell us more. >> yeah it's stunning isn't it. we were told about a £22 billion black hole. but in the end taxes rose by almost double that number. if we look back over tax raising budgets throughout history, gordon brown's in 2010 and histor