Prime Minister Keir Starmer to deliver pre-Budget 2024 speech in the West Midlands

The Prime Minister will be delivering Labour’s first pre-Budget speech in almost 15 years in the West Midlands today.

Sir Keir Starmer is due to explain how his Government’s Budget will embrace the “harsh light of fiscal reality” while reassuring people that “better days are ahead”.

The location of where his speech will be delivered from in the West Midlands has not been publicly divulged at this stage.

The prime minister is expected to warn of "unprecedented" economic challenges but will say the government will "run towards them".

Sir Keir is due to argue that the country faces an "unprecedented" challenge of weak public finances alongside "crumbling public services", according to the BBC.

He will promise to face what he calls "the tough decisions".

Speculation has been growing about the tax rises the chancellor will announce on Wednesday, with Rachel Reeves claiming there is a £22bn "hole" in the public finances left by the previous government.

Other than National Insurance for employers, the freezing of income tax thresholds could be extended.

This means more people are "dragged" into paying tax or paying a higher rate and wages rise and cross the thresholds.

It has also been reported that the government is also looking at increasing tax on asset sales, such as shares and property, as well as changing its own self-imposed rules on how its debts are measured in order to free up money for spending on infrastructure projects.