Chancellor John Healey will today set out the government's hugely anticipated budget plans. This is the first budget to be announced since Andy Burnham became Prime Minister.
The budget is the moment when the government explains how it will raise and spend money through taxation and spending. We already know a few of the things that will be announced today - but much of it remains a surprise.
There will be help for people with their energy bills, with VAT charges taken off electricity bills and the end of standing gas charges on gas bills for 23 million homes.
Expected Announcements
We can also expect to hear about a rise in the minimum wage for people aged over 21-year-olds, a doubling of funding for supporting rough sleepers and an end to the earnings 'cliff edge' for unpaid carers.
But there is so much that we don't yet know, follow our live coverage for all the action as it happens.
What the Budget Means for Liverpool
The Chancellor and the Prime Minister have vowed to pump more money and devolved powers into regions like ours, so Metro Mayor Steve Rotheram will be given more flexibility and authority to invest in local priorities - as well as a share of a new £285 million in transitional seed funding pot that will be established.
Liverpool has seen an acute homelessness crisis in recent years and will receive a share of further funding the Chancellor will announce to help with Mr Burnham's pledge to end rough sleeping. The Chancellor will commit to another £432m to offer those on the streets a route out before Christmas.
Business Concerns
Another key concern for small business owners across Merseyside are business rates. Business rates are a direct tax paid by businesses including shops and pubs, which usually depends on the rental value of a property as well as its size.
In recent years, Fiona Hornsby said that she has seen a dramatic change to the rates she has to pay. She said: "When we bought the Denbigh Castle in 2020, the business rates were £14,000. They're now £48,000. But, the pub's no bigger. You've spent a load of money, you've created a load of jobs, and then you're penalized for making a business successful. It doesn't make any sense to me."
She added: "They did promise in their manifesto that they'd be overhauling business rates, and they haven't really done anything. I know he's offered a 20% reduction next year, but we don't know whether that's off this year's, because this year's were reduced a bit, so are they going to go up and then come back down again? There's not really been any clarity around that, so that would be useful to see where we're going with that."
Like many businesses in the region, the impact of rising import taxes for overseas goods has hit hard. One of those that has felt it most keenly is Matta's, who, thanks to their over 40 years on Bold Street has seen them become something of a Liverpool institution.
However, serving a huge variety of overseas groceries is coming at an ever increasing cost for the family run business post-Brexit. Dalip, who runs the shop alongside his brother, Deepak, said: "I think us being able to get more produce from Europe would help because obviously being an international food store we've got stuff from everywhere. Hopefully there's going to be less taxes on European stuff."
Rising costs generally have seen Dalip having to work extra-hard to see Matta's continue to flourish for years to come. He said: "Instead of putting prices up, I've been coming into work a lot more these days just to be more hands on, to cut costs down on wages. We're all doing extra work just to keep the costs down."
Ansil Kharel opened Momo's restaurant on Lime Street when he was just 19 in May 2022 and it has quickly established itself as a true "hidden gem" serving authentic Nepalese cuisine to locals and tourists above the Sanctuary Craft Bar. Ahead of the Budget, Ansil, 23, told the ECHO: "What I'd like to see and what is likely to happen are probably two different things. What I'd like to see is little independents like me being supported by even just a 5% VAT reduction, or any of these crazy ridiculous taxes getting reduced, because as a small business, I don't put the cost onto the customer. I put the cost on myself."
He added: "Even if I had a ridiculously crazy weekend, and I come back and I get the tax bill [and it's huge], I'd never put it onto the customers. So I wish that the UK government could have the same care and effort that I put in for my customers, onto the independent businesses."
Healey's Promises
When the Chancellor got up on stage in Liverpool at last month's Labour Party Conference, he spoke about what today's Budget would deliver.
He told the audience at the Convention Centre: "This will be a Budget that moves money and power out of Westminster, and into every postcode around Britain. It will be built on fiscal discipline."
He added: "It will meet our fiscal rules. It'll give businesses and families some of the stability they need to plan for the future. Now, let's get on with the job."
In comments ahead of his announcement he has promised to provide "breathing space today and fresh hope for the future."
In a video message shared on social media, Mr Healey said: "The world’s a highly uncertain place. Conflicts abroad are pushing up energy prices, and the cost of living here at home - piling pressure on the families, on businesses, and on our public finances."
He continued: "But Britain's economy is showing real signs of resilience: investments up, productivity is growing, and we had the joint fastest growth in the G7 in the first half of this year."
"We can't stop these shocks that hit Britain, but we can make Britain more resilient when they do."
"So, this Budget is designed to give households breathing space from some of the everyday costs, provide targeted support for businesses and self-employed people, and to start the long-term action needed to get energy costs down for good."
"But breathing space today must go hand-in-hand with building for the future."
"So, we'll back British businesses and entrepreneurs, we'll invest in the technologies that drive future growth, and we'll build more homes, shift power out of Whitehall, so that leaders locally can drive growth in every postcode."
"And in an uncertain world, we will strengthen national security and our defences, as well as our support for Ukraine."
"We'll do all of this responsibly, sticking within tight fiscal rules, and make sure every pound is well invested."
"Because this Budget is about getting through this difficult moment. But it's also about putting Britain on a future path, a better future path."
"Breathing space today, and fresh hope for the future."
The Autumn Budget takes place today from the House of Commons. John Healey will present his first Budget as Chancellor since he was appointed by Andy Burnham this summer. You can watch the broadcast from 12.30pm, following Prime Minister's questions.
