Georgia Pearce
Guest Reporter
Veteran broadcaster Alastair Stewart has criticised Shadow Chancellor Rachel Reeves's Budget speech, describing it as "flat as a pancake" and accusing her of promoting "class hatred".
Speaking to GB News, Stewart lambasted Reeves's delivery of Labour's first budget in 14 years, which aimed to address a £22billion gap in public finances.
The former ITV News anchor highlighted moments he felt were "demeaning to our politics", particularly the Labour benches' reaction to VAT on private school fees and increased Air Passenger Duty on private jets.
Reeves's Budget announcement included several key changes. The state pension triple lock was confirmed, with a 4.1 per cent increase for 2025-26.
Universal Credit deductions will be capped at 15 per cent instead of 25 per cent, benefiting 1.2 million households.
Employers' National Insurance contributions will rise to 15 per cent from April 2025.
Capital gains tax rates will also increase, with the lower rate rising from 10 per cent to 18 per cent and the higher rate from 18 per cent to 24 per cent.
The national minimum wage for those 21 and over will increase by 6.7 per cent to £12.21 an hour while stamp duty on second homes will rise by two percentage points to 5 per cent.
Inheritance tax thresholds will be extended until 2030, but inherited pensions will now be included in inheritance tax calculations.
LATEST DEVELOPMENTS:
Stewart specifically pointed to two instances of what he perceived as "class hatred" in the Budget.
Firstly, he criticised the Labour benches' reaction to the confirmation of VAT on private school fees from January 2025.
"The Labour side hooted with hey, hooray, hooray!" Stewart remarked, noting that this move would affect military families who receive educational support.
Secondly, he highlighted the increase in Air Passenger Duty on private jets as "silly class stuff".
Stewart dismissed this measure, stating it would affect "less than 0.1 per cent" of people, calling it "childish".
The broadcaster, whose daughter works in private education, expressed concern that these measures were "demeaning to our politics".
Stewart compared Reeves's performance unfavourably to previous Chancellors, particularly Nigel Lawson, whom he described as "a genius".
He praised Lawson's deep understanding of economic matters, stating: "He knew as much, if not more, about the numbers, the OBR report, the Red book, all of the background stuff than the permanent secretaries".
The broadcaster acknowledged Reeves's "generous move" in thanking the permanent secretaries who assist with the Budget's preparation.
However, he maintained that her delivery was "fairly flat, because it was a pretty flat package".
Stewart's critique extended beyond Reeves's presentation to the substance of the Budget itself suggesting that the measures announced lacked the impact and depth of previous fiscal statements.
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Speaking to GB News, Stewart lambasted Reeves's delivery of Labour's first budget in 14 years, which aimed to address a £22billion gap in public finances.
The former ITV News anchor highlighted moments he felt were "demeaning to our politics", particularly the Labour benches' reaction to VAT on private school fees and increased Air Passenger Duty on private jets.
Reeves's Budget announcement included several key changes. The state pension triple lock was confirmed, with a 4.1 per cent increase for 2025-26.
Universal Credit deductions will be capped at 15 per cent instead of 25 per cent, benefiting 1.2 million households.
Employers' National Insurance contributions will rise to 15 per cent from April 2025.
Capital gains tax rates will also increase, with the lower rate rising from 10 per cent to 18 per cent and the higher rate from 18 per cent to 24 per cent.
The national minimum wage for those 21 and over will increase by 6.7 per cent to £12.21 an hour while stamp duty on second homes will rise by two percentage points to 5 per cent.
Inheritance tax thresholds will be extended until 2030, but inherited pensions will now be included in inheritance tax calculations.
LATEST DEVELOPMENTS:
- Wales to receive £1.7bn as Reeves hails 'largest funding increase since devolution'
- Budget 2024: Inheritance Tax warning as ‘tucked away’ detail could have ‘very serious’ consequences
- Martin Lewis slams 'disappointing' child benefit overhaul as thousands to lose relief
Stewart specifically pointed to two instances of what he perceived as "class hatred" in the Budget.
Firstly, he criticised the Labour benches' reaction to the confirmation of VAT on private school fees from January 2025.
"The Labour side hooted with hey, hooray, hooray!" Stewart remarked, noting that this move would affect military families who receive educational support.
Secondly, he highlighted the increase in Air Passenger Duty on private jets as "silly class stuff".
Stewart dismissed this measure, stating it would affect "less than 0.1 per cent" of people, calling it "childish".
The broadcaster, whose daughter works in private education, expressed concern that these measures were "demeaning to our politics".
Stewart compared Reeves's performance unfavourably to previous Chancellors, particularly Nigel Lawson, whom he described as "a genius".
He praised Lawson's deep understanding of economic matters, stating: "He knew as much, if not more, about the numbers, the OBR report, the Red book, all of the background stuff than the permanent secretaries".
The broadcaster acknowledged Reeves's "generous move" in thanking the permanent secretaries who assist with the Budget's preparation.
However, he maintained that her delivery was "fairly flat, because it was a pretty flat package".
Stewart's critique extended beyond Reeves's presentation to the substance of the Budget itself suggesting that the measures announced lacked the impact and depth of previous fiscal statements.
Find Out More...