Martin Lewis has responded to Rachel Reeves' autumn budget.

In a historic speech, the chancellor said "the country voted for change" on the 4 July general election. Labour was given a mandate "to restore stability to our country and to begin a decade of national renewal".

Reeves said they will "fix the foundations and deliver change through responsible leadership in the national interest".

Some key announcements included:

  • Taxes raised by £40bn;
  • The minimum wage will be increasing by 6.7% to £12.21, while for those aged 18-20 will get a 16.3% bump to £10 an hour;
  • £11.8bn will be provided to compensate those infected and affected by the infected blood scandal;
  • £1.8bn will be provided to compensate the victims of the Post Office Horizon scandal;
  • Weekly earnings limit for Carer's Allowance raised to the equivalent of 16 hours at the National Living Wage per week;
  • £240m for 16 projects targeted at those who are "economically inactive" and most at risk of being out of education, employment, or training;

The change Labour promised "must be felt" according to Reeves, with "more pounds in people's pockets", a working NHS, and "an economy that is growing, creating wealth and opportunity for all".

"The only way to drive economic growth is to invest, invest, invest," she said, adding that to deliver investment, they must "restore economic stability and turn the page on the last 14 years".

"Labour rebuilt our country out of the rubble of the Second World War.

"And while this is the first budget in more than 14 years to be delivered by a Labour chancellor, it is the first budget in our country’s history to be delivered by a woman," she said.

Now, Money Saving Expert founder and finance guru Martin Lewis has responded to the budget.

Martin Lewis responds to Rachel Reeves' 'very LONG' budget and tax rises:

Martin said on X, formerly known as Twitter: "So she isn't reversing the 2% Tory NI cut to employees, but shifting it to employers. 

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"So the rabbit out of the hat was 'not extending the freeze on tax & NI thresholds' beyond what was planned to 2028.

"An extension of that would've only been on paper anyway, as it could always be changed, increased or reversed at future budgets.

"The change of threshold so employers now start paying National Insurance at £5,000 not £9,100 is big. For the employers who pay it, at the new 15% rate that alone's £615 increased cost per most employees per year.

"The question is where will that money come from, profits, increasing charges or reducing salaries/benefits?"