Will Rachel Reeves’ budget leave you better or worse off? View Image

Rachel Reeves has revealed her first Budget, setting out £26billion in tax rises that will affect millions of workers. She said she was asking everyone to contribute, adding that she aimed to keep individual contributions as low as possible by reforming the tax system so the wealthiest pay the most.

Some of the key measures were accidentally published early by the Office for Budget Responsibility, but her full statement confirmed major changes for taxpayers, savers and families, along with the abolition of the two-child benefit cap.

Your taxes

Tax thresholds will now remain frozen until April 2031. This means as people’s wages rise over time, more of their income will fall into higher tax bands. This long freeze is

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