Watch: Rishi Sunak's fiery speech in response to Labour govt's first budget in 14 years

UK Conservative Party leader Rishi Sunak delivered a searing critique of Chancellor of the Exchequer Rachel Reeves’ Budget 2024 on Wednesday (October 30), accusing the Labour government of “an enormous borrowing spree” and “broken promise after broken promise.”

In a charged address to the House of Commons, Sunak argued that Reeves’ fiscal plan signals a fundamental shift toward higher taxes and debt.

Reeves’ Budget, presented as Labour’s first in 14 years, outlines sweeping fiscal policies, including increased National Insurance contributions for employers, higher taxes on the energy sector, and new levies on small businesses and families.

Sunak condemned these measures, framing them as a betrayal of Labour’s pre-election promises

“On the day he took office, the Prime Minister said he wanted to restore trust to British politics with action, not words,” Sunak said, addressing the chamber. “Well, today, his actions speak for themselves with a budget that contains broken promise after broken promise. It reveals the simple truth that the Prime Minister and the Chancellor have not been straight with the British people.”

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This Budget reveals the simple truth that the Prime Minister and Chancellor have not been straight with the British people 👇 pic.twitter.com/weNkihW3dv

— Rishi Sunak (@RishiSunak) October 30, 2024

Sunak lambasted the Budget’s impact on key economic pillars, singling out measures like increased capital gains tax, and a surge in energy levies.

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He called these changes an outright violation of Labour’s previous pledges to avoid excessive tax hikes, saying, “Time and again, we Conservatives warned that Labour would tax, borrow, and spend far beyond what they have been telling the country. And time and again, they denied they had such plans. But today, the truth has come out.”

The Budget also includes expanded welfare provisions and inflation-linked payments for trade unions, which Sunak critiqued as contributing to an “out of control” welfare bill and worsening inflation. The rise in National Insurance contributions, capital gains, and inheritance taxes, as well as higher costs for first-time home buyers, were highlighted in his speech as evidence of a wider fiscal squeeze on working families and entrepreneurs.

“National insurance: Up; Capital gains tax: Up; Inheritance tax: Up; Energy taxes: Up; Business rates: Up,” Sunak said.