Chancellor Rachel Reeves is widely expected to pull the lever on tax hikes in order to fill a black hole in the public finances when she delivers her second budget in the House of Commons.

Ms Reeves has said the Budget will focus on three priorities: cutting the cost of living, cutting NHS waiting lists and cutting the cost of debt.

Rachel Reeves’ Budget will extend the existing freezes to personal tax thresholds for another three years until 2030-31, the Office for Budget Responsibility’s published forecast document shows

The OBR has increased its forecast for economic growth this year from 1% to 1.5% but downgraded its forecasts for the following four years

The two-child benefit cap is being removed at an estimated cost of £3 billion by 2029-30, according to the OBR

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The OBR

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