Britain's Treasury chief Rachel Reeves is on her way to deliver a crucial tax-raising budget statement to lawmakers.

Although Reeves made a big point about not increasing the rate of income tax, Ben Zaranko, an economist at the Institute for Fiscal Studies, points out that a one-pence increase in all rates of income tax would have raised a similar amount to the three year freeze that Reeves did announce.

MPs erupted into laughter as Chancellor Rachel Reeves made a savage dig at Reform UK leader Nigel Farage as she delivered her Budget to the Commons on Wednesday

Britain’s unpopular center-left Labour government sought to seize the political narrative Wednesday with a tax-raising budget that it hopes will boost economic growth, reduce child poverty and ease cost-of-living pressures.

The chancellor says she is "asking ordinary people to pay a little bit more" as she extends the freeze on income tax bands.

Beyond wage increases and sector-specific taxes, Reeves is likely to introduce £20–£30 billion in broad tax hikes, economists say. This comes just over a year after she approved £40 billion in tax increases — measures she had previously described as a one-off necessity.

Eliot Wilson talks us through the history and the traditions surrounding the UK Budget, one of the most important days in the British political calendar.

Meanwhile, Keir Starmer defends the government's tax-raising Budget, saying it will help lift hundreds of thousands of children out of poverty.

While the fiscal watchdog upgraded its GDP prediction for this year to 1.5 per cent, it went on to cut its outlook for the remainder of its forecast. Growth will be 1.5 per cent in 2029, below the OBR’s previous prediction of 1.8 per cent in March.

Reeves Puts Final Touches To Keynote Speech We'll bring you all the news from today's Budget speech, which Rachel Reeves, Chancellor o