Naz Shah MP on Chancellor Rachel Reeves' Autumn Budget

Rachel Reeves made history as the first female Chancellor to present the October Budget in the chamber, marking Labour's first Budget in over 14 years.

This comes after years of financial strain and a £22 billion black hole left by the Tory party, which has pushed public services to the brink.

The fiscal mess left behind at the hands of the previous Conservative government had not only ruined our economy but also the finances of working people throughout the UK.

Chancellor Rachel Reeves (Image: Jordan Pettitt/PA Wire) Therefore, tough measures were required to untangle the web of financial difficulties we had been left with.

A slowdown in GDP per capita, low investment, policy missteps, political instability, and Brexit have restrained economic growth, leaving the UK lagging behind many comparable nations.

Under Tory leadership, the UK economy has stagnated compared to earlier decades. If pre-crisis growth had continued, GDP per person would be £50,200 today—a 35 per cent increase since 2008. Instead, it’s just £39,400, rising only six per cent over 15 years. This prolonged slowdown, not seen since World War II, highlights the toll of Conservative policies on our economy, which started with Tory austerity.

Additionally, when it comes to wages, from 2010 to 2014, earnings grew at probably the slowest rate in more than 200 years. The Tories always asked working people to pick up the bill, however, Labour will ensure working people won’t face higher taxes in their payslips, with no increase in National Insurance, the basic, higher, or additional rates of Income Tax, or VAT.

Cleaning up the Tories' mess is challenging, but Labour has a clear plan: this Budget focuses on putting money back into people's pockets.

So what does this mean for our country?

The main takeaway from the budget is to fix the foundations of our country by rebuilding Britain.

This Budget brings vital infrastructure investment to Bradford. As I highlighted in the Chamber recently, the funding for Forster Square station and the planned investment for the Bradford tramline will transform travel between Bradford and Leeds, driving growth.

Bradford Forster Square station (Image: T&A) These projects will improve public spaces, boost the economy, and provide faster, more reliable access to key destinations. I will discuss further details with the Chancellor and Secretary of State for Transport, but this investment is essential for Bradford’s economic development.

The new Labour Budget seeks to strengthen our economy by boosting the education sector, strengthening the NHS, and raising workers' pay.

This Budget includes key investments in education, such as tripling free school breakfasts, £1 billion for special educational needs, and £2.3 billion to recruit 6,500 new teachers.

It also allocates £1.4 billion to rebuild schools, ensuring better facilities for children. This contrasts with the previous Government's neglect, which saw three-quarters of schools affected by the RAAC crisis, leaving over 100,000 pupils in crumbling buildings and overcrowded classrooms due to the lack of investment in school buildings. Labour's budget addresses these issues by properly funding and rebuilding the education system.

We will also see major improvements to healthcare services, enhancing patient experiences across the NHS and addressing issues left by the previous Tory Government.

The Budget allocates £22.6 billion for daily NHS operations and £25.6 billion over two years to reduce wait times, providing an estimated 40,000 extra weekly appointments. These investments will improve patient access, address backlogs, and strengthen the healthcare system, ensuring faster, high-quality care.

Bradford’s healthcare system has already experienced improvements under the new Labour Government.

This summer, Bradford District Care NHS Foundation Trust was awarded £50 million to redevelop Lynfield Mount Hospital.

Lynfield Moubt Hospital Additionally, the Bradford Institute for Health Research received £1.3 million to enhance research facilities at Bradford Royal Infirmary. These upgrades will improve patient care for our constituents and support increased clinical research, particularly benefiting ethnic minorities and underserved groups who have historically faced barriers to healthcare access.

These developments will result in shorter waits, better facilities, and a more efficient healthcare system. With targeted funding for local improvements, the Budget ensures a more accessible, equitable, and patient-focused NHS.

The Labour Government’s plans will greatly benefit working families in Bradford, with the minimum wage for workers over 21 rising from £11.44 to £12.21 in April, and a further increase for lower-wage earners to £10. Bradford’s pensioners will also benefit from a 4.1 per cent rise in state pensions. Local councils will receive a £1.3 billion funding boost for local services, alongside the ability to keep all revenue from Right to Buy sales. These measures will directly improve living standards and support Bradford's growth.

Although there have been significant challenges with navigating the financial turmoil from the past, this Budget is focused on the future, with “investment, investment, investment” as the tagline to get the economy moving again. Labour will take the long-term decisions needed to grow our economy, to rebuild Britain and fix our schools, hospitals and broken roads.

These changes will deliver a powerful boost to both the economy and the lives of people across the United Kingdom. This Budget delivers the change our country voted for.