Announcing the autumn budget in front of an animated House of Commons this afternoon (Wednesday, 30 October), Reeves reiterated Labours pledge to rebuild Britain following a decade of low growth.Reeves, who is Britains first female chancellor, said difficult decisions had been made in order to tackle a 22 billion black hole in public finances inherited by the Labour government.Increasing investment in building new infrastructure will be among seven key pillars of the governments growth strategy, she explained as she delivered the partys first budget to be brought forward by the party since 2010.AdvertisementShe went on to pledge major funding drives for housing, schools and major infrastructure projects including HS2.Elsewhere, Reeves announced that the National Living Wage for people aged 21 or older will rise by 6.7 per cent from 11.44 an hour to 12.21 from April 2025.HousingThe government will invest 5 billion into delivering its housing plan, which includes Labours pledge to build 1.5 million new homes in its first five years in power.Funding for the Affordable Homes Programme will be increased by 3.1 billion to provide 3 billion worth of support in guarantees to boost the supply of homes and support our small house builders, Reeves explained.She also outlined plans to renovate sites across the country, including 56 million funding for 2,000 new homes to be delivered at Liverpool Central Docks, and funding for Cambridge to help the city realise its full growth potential.AdvertisementAnd she pledged to increase affordable housing supply by reducing right-to-buy discounts, explaining that local authorities would be able to retain the full receipts of sales so that we can reinvest them back into the housing stock and into new supply.The chancellor said transforming planning rules would be key to getting Britain building again, and reiterated Labours pledge to hire hundreds of new planning officers.She also pledged an additional 230 million pounds to tackle homelessness and rough sleeping. Speaking briefly on the aftermath of Grenfell and last months second and final report into the 2017 tragedy at a west London tower block, Reeves said 1 billion will be provided by central government to remove dangerous cladding from buildings. Source:Peel WatersLiverpool Waters' masterplan and Liverpool Central DocksSchoolsReeves announced a major funding boost for crumbling schools, with 1.4 billion to rebuild over 500 schools in the greatest need, including St Helens Primary School in Hartlepool and Mercia Academy in Derby.The funding will form part of 6.7 billion total capital investment by the Department for Education next year a 19 per cent real-terms uplift on this years funding, according to the chancellor.HS2 and other major infrastructure projectsThe chancellor confirmed that the government was committing to HS2s embattled London link, one of the sections of the rail project that was scrapped by the Conservative government, and pledged funding to begin tunnelling work from Old Oak Common in west London to Euston.She also committed to transforming northern rail connectivity through the Transpennine Route Upgrade between York and Manchester, via Leeds and Huddersfield, as well as improving rail connections between Oxford, Milton Keynes, and Cambridge with East West Rail.Reeves also promised 25 million to the North East Combined Authority, to help deliver the 4D Studio-designed Crown Works Studio in Sunderland, billed as an iconic landmark for the North East.Life sciencesIn a promising pledge for Life Sciences projects, Reeves promised record funding of 520 million for research and development to harness the full potential of the UK science space.Running a practiceFor business, the chancellor said a rise in employers National Insurance contributions from 13.8 per cent to 15 per cent would raise 25 billion. Separately, the threshold for paying National Insurance on a workers earnings will be lowered from 9,100 to 5,000.2024-10-30Anna Highfieldcomment and share