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 has announced a significant £820 million funding initiative aimed at providing paid work placements for young people aged 18 to 21 who are currently not engaged in education or employment. This funding is part of a broader strategy to address youth unemployment and support the transition of young individuals into the workforce.

Mark Damazer, a former deputy director at the BBC, has highlighted a toxic culture of distrust within the organization, attributing the recent resignations of director general Tim Davie and BBC News chief Deborah Turness to an over-assertive board and executives feeling embattled. This situation has sparked ongoing debates about the internal dynamics at the BBC.

Dame Caroline Dinenage, head of the committee overseeing the BBC, has advised against replacing the BBC chair at this time, emphasizing the need for stability amid ongoing governance challenges within the organization.

Chancellor Rachel Reeves has announced a budget aimed at reducing living costs for millions, which includes ending the two-child benefit cap and cutting energy bills. However, this comes alongside a significant £26 billion tax increase to address a shortfall in public finances, following a leak from the Office for Budget Responsibility (OBR) that caused immediate market reactions.

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.

The Office for Budget Responsibility (OBR) inadvertently published details of the upcoming Budget, leading to widespread surprise and criticism, as noted by Henry Zeffman in BBC News. This incident raises questions about the reliability of the OBR's processes and its impact on the government's fiscal planning.