Rachel Reeves will clobber London in a multi-billion pound Budget tax raid with owners of expensive properties and millions of workers set to be hit.

However, more than 260,000 children in the capital will benefit from the lifting of the two-child cap under the Labour Chancellor’s new fiscal plan for Britain.

Hundreds of thousands of workers in London on the National Living Wage will get a pay boost next April.

But hospitality chiefs are warning that the NLW rise will cause more difficulties for many pubs, hotels, cafes and clubs already under huge financial pressure.

Ahead of delivering her Budget speech in the Commons on Wednesday, Ms Reeves said: “Today I will take the fair and necessary choices to deliver on our promise of change.

“I will not return Britain back to auster

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