'This is MY Budget!' Rachel Reeves vows to 'defy the forecasts' in GB News grilling

Speaking to The People's Channel, Mrs Reeves said: "I am in charge of economic policy.

"This was my Budget focused on my priorities, cutting the cost of living, cutting NHS waiting lists and cutting debt and borrowing.

"I achieved those things in my Budget, my second Budget as Chancellor of the Exchequer yesterday."

Rachel Reeves delivered her Autumn Budget speech in the House of Commons yesterday afternoon, and a range of tax hikes were announced as she attempted to balance the books.

She moved to slash a lucrative pensions tax perk used by some of Britain’s highest-paid workers, a change the Government expects will raise an extra £4.7billion in 2029/30.

Cutting back the so-called salary sacrifice allowance was one of the biggest tax-raising measures unveiled by the Chancellor.

Questioning this move, GB News host Stephen said: "What about us? What about the people watching and listening right now who feel completely squeezed?

"If we try to save for our pension — and salary sacrifice is now all but gone — we’re hit. If we try to put money away for later life, it gets taxed.

"We can’t even invest in property and climb the ladder because we’re staring down the barrel of a mansion tax. So what’s the incentive?

"What’s the reward for people who work hard, try to get on, and want to look after themselves in older age?”

Mrs Reeves defended the move, insisting the overhaul was both “fair” and “proportionate.”

She said: “On pensions tax relief, we have around £70billion a year in support.

"Salary sacrifice was never supposed to be the main vehicle for saving for retirement, and while we are restricting it from 2029, people will still be able to put £2,000 a year into their pension with no changes whatsoever.

"After that, employer National Insurance will apply. I think that is the right and fair balance.”

She also stressed that core pension perks remain untouched.

“We’re not changing access to generous pensions tax relief, and we’re not changing the tax-free lump sum,” she said.

The Chancellor added that the changes allowed her to “keep taxes to an absolute minimum on working people” by instead asking those in the most expensive homes to contribute more.

“If you’ve got a semi in Darlington or Sunderland, you pay more council tax than if you’ve got a £5million property in Mayfair. That is not right,” she said.

“That’s why we’ve introduced a high-value council tax surcharge. It is fair and proportionate to ask people in the most expensive properties to pay a bit more, so we don’t have to whack up income tax, National Insurance or VAT for working people.”

She added: "The OBR forecast in the spring that our economy would grow by just one per cent this year.

"And yesterday they revised up that forecast to 1.5 one per cent. So we've defied the forecasts this year and I'm determined to defy them next year and the year after as well.

"But you're right that the forecasts for future years have been revised down. They're very clear that reflects their verdict on productivity under the past Conservative Government.

"The Conservative legacy does not need to be Britain's destiny. And and I'm determined to beat those forecasts again, as I have this year."