END: Hope this was helpful! We’ll discover all tomorrow - will probably come back and see what the real deal says, see if that changes anything. But for now, thanks for reading.

8/ Politically, the optics look mixed:

The measures on benefits and the two-child cap are long-standing Labour MP priorities, most backbenchers are expected to welcome the package.

However, their voters - more urban, middle-income professionals – likely to feel new tax measures the most.

7/ Who faces higher costs?

• Middle & higher earners (via frozen thresholds & pension changes)

• Future electric-car buyers/drivers

• Small/medium businesses (higher wage costs)

• Anyone who was hoping for government-funded home insulation

6/ So on balance, who gains most?

• Low-paid workers (wage rise)

• Families with 3+ children on benefits

• Petrol/diesel car owners & van drivers

• Every household with an energy bill this winter

5/ cont.

• New pay-per-mile system planned for electric vehicles

• Extra taxes on high-value properties, gambling firms, tourism sector, cycle-to-work schemes + others

Likely more too - while these could collectively raise billions, they risk slowing economic growth if consumer spending dips.

4/ Now the tougher sell…how it’s being paid for – the tax rises

• Income tax thresholds frozen again → more people pay 40% tax as wages rise (“fiscal drag”)

• Changes to pension tax relief (details unclear, but will raise revenue)

That’s just the half of it 👇

3/ Welfare changes:

• Two-child benefit cap scrapped (costs ~£3bn a year) - will appease lots of Lab backbenchers

• All working-age benefits uprated in line with inflation (another ~£6bn)

These two moves together help larger families and anyone on Universal Credit or legacy benefits.

2/ Top line cost-of-living help:

• Fuel duty frozen for another year + 5p cut kept (£3bn cost)

• National Living Wage rises ~3% to around £12.70/hr (over 21s) – helps 1.3 million low-paid workers

• Energy bills to fall £70–£170 per household by removing green levies and £13bn warm homes fund

Apologies for interrupting Champions League with more budget chat - but it’s a very important day!!

Okay let’s actually start 👇

Full article on all this coming in my weekend wrap up tomorrow night! Stay tuned to this page for more from the G20 throughout tomorrow.

Here’s the clip 👇

But in a race for the presidency, how can you beat localise a single candidate to every state? The focus has to be affordability and taking on the ultra-wealthy - universal issues. Actionable and feasibly deliverable. The only person who was able to carry that message nationally was Zohran.

this is what they all sound like!