Rachel Reeves said her Budget had “promised and delivered” everything Labour had promised to do when it won the election last year.

It would see government debt come down, NHS waiting lists cut and reduce the cost of living, she insisted.

But the key takeaway for voters from her second Budget is that taxes will go up by £26 billion – on top of the £40bn hike in her first one a year ago.

Around £9bn will come from her decision to maintain the freeze in income tax thresholds, something else she ruled out last year on the basis that it would hit working people.

It means nearly a million workers will start paying the higher rate of income tax, an extra 780,000 will start paying it for the first time, while 4,000 will be dragged into 45p rate reserved for the highest earners.

At the sam

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