Rachel Reeves is first asked about what presenter Charlie Stayt refers to as "the notion of growth" which he says people may not consider this Budget to be about.

The chancellor hits back saying the government has only been in office for four months and already has plans well into the future.

"We made a start yesterday" to put the country on a path of growth, particularly with capital investments, she says.

The Office for Budget Responsibility says it will boost growth in the longer term, Reeves says, adding it's the first time the OBR time are doing longer forecasts, which is where the good news lies.

As a reminder, the OBR predicts the UK economy will grow by more than previously forecast this year and next, but it will expand by less than expected in 2026, 2027 and 2028.

We are making decisions for the longer term and to put the country on the right path, Reeves says.

In a few minutes we’ll hear from Chancellor Rachel Reeves who will face questions about her Budget on BBC Breakfast.

Stay with us for all the latest lines and you can also follow along by clicking Watch Live at the top of the page.

Now is the time for scrutinypublished at 07:23 Greenwich Mean Time 31 October

07:23 GMT 31 October

Chris Mason
Political editor

For the chancellor, we now enter the valley of maximum scrutiny and jeopardy for her prospectus.

So where might that scrutiny come? All the big stuff, for sure – the tax rises, the borrowing, the spending

But I always like to keep an eye on the rows that may appear smaller but have the potential to blow up in a government’s face.

There is already real anger among many farmers about changes to inheritance tax which they fear will mean lots of farming families will no longer be able to pass on their life’s work and business to the next generation.

And a couple of big picture, longer-term thoughts to ponder.

This is a government with a central mission of helping to drive up economic growth. And yet the projections for growth appear stubbornly anaemic, as our economics editor, Faisal Islam, writes.

And there is a similar observation from the Institute for Fiscal Studies, external, who have crunched the numbers on the forecasts for the money we are each likely to have in our pockets in the coming years, once bills are sorted – per capita disposable income, to use the language of economists. They conclude its rate of growth, while up a smidgen on where it’s been in recent years, is still pretty piffling.

The government will hope the forecasts are wrong – and they can be.

• Read more from Chris here

Shadow chancellor Jeremy Hunt says he welcomes more investment in the NHS but says the Budget’s tax increase is going to hurt economic growth.

It comes after Rachel Reeves announced a £22.6bn increase in the day-to-day health budget as well as a £3.1bn increase in the capital budget.

The issue is not whether you want to put money in the NHS, Hunt tells BBC Breakfast, “it’s whether you do it the easy way, to pick the pockets of businesses... or whether you are prepared to take the difficult decisions for example on welfare reform".

“Picking the pockets of businesses and raising taxes” is the easy thing for any chancellor to do, he says.

Hunt adds the tax rises are going to hurt growth. The OBR said the package of economic measures unveiled by Reeves would ultimately "leave GDP largely unchanged in five years".

"We are going to have lower living standards, we are going to have higher prices, fewer jobs, more expensive mortgages, life is going to get tougher for ordinary people," he says.

Hunt also confirmed that he plans to step back from his role as shadow chancellor after the Conservative leadership race ends this weekend.

Paul Johnson, director of the Institute for Fiscal Studies (IFS), says the spending plans announced in yesterday's Budget don't look as generous as they appear to be, adding that there will be lots of additional spending this year and next.

Health, education and transport will see spending increases, Rachel Reeves announced yesterday, with the biggest hike in funding for the NHS since 2010 - £22bn extra for the front line and another £3bn for equipment and buildings.

Speaking on BBC Radio 4's Today Programme, Johnson predicts that spending will be more than is currently planned, saying "that will probably mean more tax rises to come next year or the year after".

On growth forecasts, Johnson says they are "pretty awful". The Office for Budget Responsibility (OBR) predicts the UK economy will grow by 1.1% this year, 2% next year, and 1.8% in 2026.

Johnson says most of the impact of the increase in employer's National Insurance contribution will be lower wages than normal for working people, as it will be more expensive for employers to hire workers.

The International Monetary Fund (IMF) has welcomed the measures announced by Chancellor Rachel Reeves in her Budget yesterday.

It's a rare move from the influential financial watchdog.

The IMF backed the increase in investment and spending on urgent public services pressures as well as "sustainable" tax rises.

"We support the envisaged reduction in the deficit over the medium term, including by sustainably raising revenue," an IMF spokesperson said.

As we've been reporting, Chancellor Rachel Reeves delivered Labour's first Budget in 14 years yesterday, announcing tax rises worth £40bn.

In less than 170 words, here's a look at the key announcements and reaction:

• A key measure introduced by Reeves was a rise in employers' National Insurance contributions from 13.8% to 15%
• In a surprise move, the chancellor said the freeze on income tax and NI thresholds would not be extended beyond 2028

• She also announced an increase in capital gains tax, a freeze on fuel duty next year, and the introduction of VAT on private school fees from January - read our key takeaways here
• In a sit-down interview with the BBC’s Chris Mason following the Budget, Reeves said "this is not the sort of Budget we would want to repeat"
• Leader of the Opposition Rishi Sunak characterised the Budget as "an enormous borrowing spree" which contains "broken promise after broken promise"

• The Office for Budget Responsibility (OBR) warned that workers would end up paying for the NI increase and that wages would be lower overtime
• Paul Johnson, the director of the Institute for Fiscal Studies, welcomed the scaling back ofinheritance tax reliefs, but said overall there was "little in the way of serious tax reform"

Yesterday was Budget presentation day. Today is Budget dissection day.

After some big announcements from the chancellor yesterday, both in terms of investments and hard-hitting tax decisions, we’ll hear from experts, politicians and the chancellor herself this morning.

We’ll soon bring you comments from the director of the Institute for Fiscal Studies Paul Johnson, from Lib Dem leader Ed Davey and former Chancellor Jeremy Hunt.

We’ll also hear from the chair of the Office for Budget Responsibility Richard Hughes and then from Chancellor Rachel Reeves - she'llbe challenged on BBC Breakfast at 07:30 GMT and the Today programme at 08:10

The Financial Times says Reeves introduced the "biggest Budget tax increase in a generation", with businesses and the wealthy bearing the brunt, and that the changes are intended to fix the country's finances and public services.

The Budget is described as a "great £40bn tax gamble" by the i. The paper says Reeves hopes to encourage growth by boosting investment, but that the changes are set to cost households £300 per year, and that the Office for Budget Responsibility (OBR) has warned the rise in employers' national insurance will hit jobs.

The Daily Mirror says the increase in public spending will help "undo 14 years of Tory negligence", while the Daily Telegraph says the tax rises will "damage living standards" and that the OBR has cut its growth forecasts.

And the Daily Mail says Reeves delivered a "tax bombshell for Britain's strivers" and that the OBR's "bleak" forecasts have made a "mockery of her ambition" to be the most pro-growth chancellor in history.

Sam Hancock
Live page editor

Now we know the detail of this long-awaited Budget, it's time for Chancellor Rachel Reeves to face questions - or, as the BBC's Chris Mason puts it, to face the valley of maximum scrutiny and jeopardy for her prospectus.

She'll be speaking to BBC Breakfast and Radio 4's Today programme this morning, which we'll bring you the key lines from.

The main takeaway from the Budget - Labour's first in 14 years - was that there'll be tax rises worth £40bn to fund the NHS and other public services. But for a comprehensive run-down of what we heard yesterday, read our post from last night which takes you though the basics.

Reeves will undoubtedly be asked about that, and much more, when we hear from her a bit later. Also discussing the Budget today will be shadow chancellor Jeremy Hunt, Lib Dem leader Ed Davey, and economists from the Institute of Fiscal Studies.

Stay with us as we guide you through the latest developments and reaction.

Emily Atkinson
Live page editor

Image source, Getty Images

Addressing the Commons as Britain's first female chancellor, Rachel Reeves pledged to make good on Labour’s promise to voters in July’s general election.

This Budget, Reeves declared at the top of her speech, will "drive economic growth" and “invest, invest, invest”.

What followed was a real “kitchen-sink” Budget, as our economics editor Faisal Islam put it - piled high with big spending plans and tax decisions.

It’s time for us to log off, so we’ll leave the summarising to our politics colleagues. You can find their Budget 2024: Key points at a glance here.

For deeper dives into the core announcements, and more on what they mean for you, there's plenty on offer across the BBC News website.

To highlight just a handful...

• What are National Insurance and income tax and how much will I pay?
• Stamp duty: What is it and how much do I pay?
• What is inheritance tax, who pays it and will it change?
• Non-doms: What does non-domiciled mean and how are the rules changing?
• What are the National Minimum Wage, National Living Wage and Real Living Wage?
• When will VAT get added to private school fees?

Otherwise, that's it from us. Our early team will be firing this page back up from 06:00 GMT tomorrow to take in all the day-two reaction, so join us then.

Chancellor Rachel Reeves delivered Labour's first Budget in 14 years today, announcing tax rises worth £40bn.

Here's a digest of the key developments from across the day:

• A key measure introduced by Reeves was a rise in employers' National Insurance Contributions from 13.8% to 15%
• In a surprise move, the chancellor said the freeze on income tax and NI thresholds would not be extended beyond 2028

• The chancellor also announced an increase in capital gains tax, a freeze on fuel duty next year, and the introduction of VAT on private school fees from January
• In a sit-down interview with the BBC’s Chris Mason following the Budget, Reeves said "this is not the sort of Budget we would want to repeat"
• Leader of the Opposition Rishi Sunak characterised the Budget as "an enormous borrowing spree" which contains "broken promise after broken promise"

• The Office for Budget Responsibility (OBR) warned that workers would end up paying for the NI increase and that wages would be lower overtime
• Paul Johnson, the director of the Institute for Fiscal Studies, welcomed the scaling back ofinheritance tax reliefs, but said overall there was "little in the way of serious tax reform" and criticised the rise on stamp duty on second homes

Millie Trenholm
BBC Newsbeat

Anna Zakis is a student at the University of Leeds, and is worried about rising costs.

“Since I’ve been at uni, my rent has been going up more and more. And it’s starting to get out of control.”

She’s also noticed rises to grocery costs and, as a result, the pool of money for her to spend is smaller.

“It is harder for me to spend money on myself, in places I can enjoy things.”

Anna, 22, is happy about the minimum wage increase and feels it’s “a step in the right direction”.

But she adds she wants to see government investment in local venues.

'Battle for credit and blame' in Scotlandpublished at 20:02 Greenwich Mean Time 30 October

20:02 GMT 30 October

James Cook
Scotland editor

Campaigners for Scottish independence often argue that Britain is broken.

The UK, they say, is stuck in a doom loop of low growth and high inequality which piles pressure on the public services while also starving them of investment.

The new Labour chancellor, Rachel Reeves, is determined to prove them wrong by generating growth while improving health and education.

Her party’s first big electoral test will come in 18 months at the Scottish Parliamentary elections.

That's one reason why Reeves made a point of mentioning the £3.4bn additional funding for Scotland in 2025/26 which she says will flow north as a result of her budget.

It will be up to the Scottish government to decide how to spend that money. Already some in the Scottish National Party (SNP) say they are concerned about how much of it will go on public sector pay.

But during their 17 years in power at Holyrood, the SNP have chosen to expand the scope of the Scottish state, funding university tuition, prescriptions for all, personal care for the elderly and so on, while also offering more generous welfare payments than elsewhere in the UK.

The next year and a half will see a battle for credit and blame over the state of Scotland's economy and public services.

The verdict of Scottish voters may help shape the fate not just of the First Minister John Swinney but of the Prime Minister Sir Keir Starmer too.

Millie Trenholm
BBC Newsbeat

Adam Bricklebank, a cafe and bar owner from Leeds, says he’s worried about what the announcements could mean for his business.

He is in favour of the wage increases announced by the chancellor, but says it will likely lead to higher prices.

Adam, 24, has calculated the increases mean “an additional £27,000 per year” across his team that will need to be paid.

“To operate and stay afloat, we need to be within a certain margin, so prices are going to need to increase.”

There is also concern about any additional taxes on hospitality.

“It’s important people do understand… if your coffee does increase, it’s not because we’re greedy, it’s because we have a whole load more that we need to pay.

“It’s a nightmare for small businesses and will be a headache,” he says.

Tarah Welsh
Housing reporter

Housing groups have broadly welcomed the government's plans to build 1.5 million new homes and commitment to support the Build to Rent sector.

But landlords say the decision to raise stamp duty to 5% on second homes will push up already record-high rents.

Ben Beadle, from the National Residential Landlords Association, says: “What tenants needed was a Budget to boost the supply of new, high-quality rental housing. What we got is a recipe for less choice and higher rents.”

Paul Johnson, from the Institute for Fiscal Studies, posted on X , externalthat the move made him “despair”.

Rents and competition for homes have soared across the UK in recent years.

Charity, Renters’ Reform Coalition, says it is “disappointing the government have left Local Housing Allowance frozen”.

The chancellor and deputy prime minister smiled when committing to building “tens of thousands” of new homes. But people will only agree when they can afford to rent them.

Kate McGough
Education producer

Most families with children with special educational needs won't be exempt from the VAT charge on private school fees that'll kick in in January.

Kath’s 12-year-old son has ADHD and dyslexia, and until this week was thriving at a private school in Norwich which could accommodate his SEN needs.

After facing a 16.5% increase in fees, Kath made the decision to pull him out of private school. He starts at a local state school on Monday, but Kath has lost £10,000 in fees already paid for next term.

She thinks it’s “appalling” that the VAT is being applied from the middle of the school year and feels “angry, sad and worried” about the disruption for her son.

“It’s a wrench for him leaving the environment he knows. Education should never be taxed,” she says.

Some of those opposed to the policy say it'll mean lots of families trying to move from private to oversubscribed state schools. But the government and independent forecasters say the impact won't be significant.

Simon Browning
Transport producer

Image source, EPA

The chancellor has chosen not to alter fuel duty, after lots of speculation there would be changes which would see the cost of petrol rise for drivers across the UK.

Reeves said: “To retain the 5p cut and to freeze fuel duty again would cost over £3bn next year. At a time when the fiscal position is so difficult, I have to be frank with the House this is a substantial commitment to make."

“I have concluded in these difficult circumstances, whilst the cost of living remains high, increasing fuel duty would be the wrong choice for working people. It would mean fuel duty rising by 7p per litre," she added.

“So I have decided today to freeze fuel duty next year and I will maintain the 5p cut for another year too. There will be no higher taxes at the petrol pumps next year.”

Simon Williams, the head of the RAC motoring organisation, said drivers would breathe an "enormous sigh of relief".

"Eight-in-10 drivers tell us they are dependent on their vehicles for the journeys they need to make, while 70% of commuters who live in rural areas have no other feasible alternatives to get to work beyond taking the car," he said.

“It’s also worth remembering that, even as of today, 56% of the total price of a litre of petrol is already tax in the form of fuel duty, and the VAT that is charged on top," he added.

Michael Buchanan
Social affairs correspondent

Spending on health and disability benefits is set to surpass £100bn in the next few years.

Forecasts by the OBR show the government will spend £100.7bn in 2029/30 on the benefits, up by a third on this year.

Spending on disability benefits alone is forecast to increase by even more, 44%, over the same time period, £7.2bn higher than the estimate published in March.

The OBR say the increase is explained by higher awards for personal independence payment and higher demand for disability living allowance and attendance allowance.

David Sillito
Media and Arts correspondent

The BBC World Service is to receive an increase in funding from the government, but the amount of that increase has not yet been made public.

In 2024/25 the government contributed £104m towards the £366m cost of the BBC’s World Service, but the BBC said it was increasingly unable to fund services. In March, the BBC Director General Tim Davie said: "We cannot keep asking UK Licence Fee payers to invest in (the World Service) when we face cuts to UK services.

"We will need to discuss a long-term funding solution for the World Service that comes from central government budgets.”

Funding of the BBC World Service was for most of its history fully funded by the British government until it was announced in 2010 that the cost would be passed onto the BBC.

In 2016, the Government awarded the BBC a grant of £291m to cover the years 2020 to 2024 to help with the World Service’s modernisation and made further contributions in the years after.