Watch: 'Mind-blowing' - BBC correspondents react as OBR releases Budget details early

UK Finance Minister Rachel Reeves has unveiled a new budget that raises taxes for ordinary workers while increasing government spending on social welfare programs. The plan aims to elevate the government's tax revenue to a post-war high of 38% of GDP by 2031, as reported by the Office for Budget Responsibility (OBR). This budget is set to be a pivotal moment for the Labour government amid ongoing economic challenges.

Chancellor Rachel Reeves has unveiled a £26 billion tax-raising budget aimed at the wealthiest households in the UK, which includes the scrapping of the two-child benefit cap and cuts to energy bills funded by a mansion tax. This budget was announced amid a chaotic day marked by early leaks from the Office for Budget Responsibility (OBR).

Chancellor Rachel Reeves' recent budget announcement has been characterized by the Office for Budget Responsibility (OBR) as a strategy to delay fiscal pain, suggesting that she is now more likely to meet her fiscal rules without additional policy changes. This approach indicates a shift in fiscal management amidst ongoing economic challenges.

Chancellor Rachel Reeves faced significant chaos leading up to her budget announcement, with the Office for Budget Responsibility's premature release of key measures contributing to market turmoil. This approach, intended to preemptively manage expectations, resulted in a pre-budget shambles that raised questions about her strategy and leadership.

Chancellor Rachel Reeves announced a budget that will increase tax bills for millions of savers and investors, impacting ISAs, pensions, and income from dividends, property, and savings interest. Key measures include a reduction in the annual cash ISA limit and increased income tax on various income sources, alongside an exemption for individuals over 65 from the new ISA rules.

The Chancellor has managed to avoid immediate backlash from bond vigilantes following the recent budget announcement, which aimed to restore confidence among lenders to the government. This budget was crucial in addressing the fiscal health of the nation amidst rising borrowing levels and economic uncertainty.

Chancellor Rachel Reeves announced the scrapping of the two-child benefit cap and confirmed the introduction of a mansion tax in the 2025 budget, following a leak by the Office for Budget Responsibility (OBR) attributed to a technical error. This budget aims to address the UK's ongoing cost of living crisis and is set against a backdrop of significant fiscal challenges.

Chancellor of the Exchequer Rachel Reeves announced a £26 billion tax increase in a budget presentation intended to convey stability, but the release of key measures ahead of her speech caused market turmoil. The Office for Budget Responsibility mistakenly published the details online an hour before the announcement, prompting an apology and an investigation into the incident.