Overview

• At Labour conference in Liverpool, Rachel Reeves declined to guarantee she would not extend the freeze on income tax thresholds when asked on BBC Breakfast.
• She reiterated that Labour’s pledge not to raise the headline rates of income tax, employee National Insurance or VAT still stands, while giving no specifics on other measures.
• Independent forecasts and the budget watchdog point to a fiscal gap of roughly £30bn–£50bn to be closed at the 26 November Autumn Budget.
• Reeves announced a Youth Guarantee offering paid work placements for those out of work for 18 months, with routes into college or apprenticeships for young people.
• She said she wants the OBR to produce one main forecast a year and rejected calls to relax fiscal rules, as reported options under review include land and property tax reforms, higher capital gains on costly home sales, and changes to pension tax relief.