Reeves pledges to ‘grip cost of living’ in Budget as tax hikes expected

Chancellor Rachel Reeves is grappling with weak economic growth, persistent inflation and an expected downgrade to official productivity forecasts.

Chancellor Rachel Reeves has pledged to “grip the cost of living” in her Budget next week.

In an example of one move aiming to ease the pressure on people’s finances, rail fares are to be frozen for the first time in 30 years, saving commuters on more expensive routes more than £300 a year.

But at the same time Ms Reeves is widely expected to raise taxes on November 26 in an effort to bridge a multibillion-pound gap in her spending plans.

Writing in The Mirror, the Chancellor acknowledged that high prices “hit ordinary families most” and that the economy “feels stuck” for too many.

“That’s why in my Budget on Wednesday I will take action t