Overview

• At Labour’s conference, the chancellor said global headwinds will make the November 26 Budget tougher and vowed not to risk economic stability.
• She declined to give cast‑iron guarantees on VAT, income tax or national insurance beyond saying the manifesto “stands,” and refused to rule out continued threshold freezes.
• Reeves confirmed a Youth Guarantee offering paid placements for young people out of work or education for 18 months, with reports suggesting refusals could lead to benefit sanctions.
• She rejected calls to loosen fiscal rules or borrow more, a stance widely seen as a rebuke to proposals from figures such as Greater Manchester mayor Andy Burnham.
• Reeves backed shifting the OBR to one major forecast a year and outlined targeted measures including libraries in every primary school and progress on Northern Powerhouse Rail, as a pro‑Palestine protest briefly interrupted her speech.