Faisal Islam
Economics editor

A £70bn a year rise in spending - so 2% of GDP - raising the size of the state closer to European levels.

It is half funded by one of the biggest tax raising budgets outside of a recession, and half from a significant increase in borrowing.

The National Insurance rise at £25 billion a year for employers, netted off by a £5bn cost to public sector employers. It raises £20bn a year in total, one of the biggest single tax-raising measures in history.

The chancellor says this is driven by a problem she could only have seen since coming to power. And so it is also a Budget of blame. The chancellor looked like she was laying a charge sheet against former Treasury ministers for crimes against spending forecasts.

She points to the OBR verdict that its forecast at the last Budget would have been “materially different” had the Conservative-run Treasury been clearer about spending.

The new government claims this was a cover-up of the need for spending rises. It will be Labour’s version of Liam Byrne’s infamous “there is no money” letter.

This Budget will “wipe the slate clean on the fiscal fiction” of the previous government, sources suggest to me. The chancellor listed what she said was irrefutable evidence that the plans were never going to be delivered.

What does this all mean?

Public services will get an immediate injection. A line can be drawn under the years of austerity, at least until a longer term spending review.

The revenue raised by tax rises is directed at kitchen-sinking health spending in order to deal with record backlogs, that are now having an impact on the labour market and therefore growth.

Reeves sets out compensation for infected blood scandal victimspublished at 15:55 Greenwich Mean Time 30 October

15:55 GMT 30 October

Hugh Pym
Health editor

Image source, PA Media

The chancellor has announced that £11.8bn will be set aside to compensate victims of the infected blood scandal.

This is the first time the government’s expected liability for the scandal has been set out.

In May, a damning report from the public inquiry chair Sir Brian Langstaff concluded that doctors, the NHS and other health bodies and governments had “repeatedly failed victims”.

About 30,000 people were infected with HIV and hepatitis as a result of their NHS treatment.

Last week it was announced that the estates of people who died as a result of the scandal could apply to receive an interim payment of £100,000.

Other pay outs are expected to start later this year. Some victims could be entitled to more than £2m.

Hazel Shearing
Education correspondent

Rachel Reeves says money raised from VAT on private schools will be used to “provide the highest quality of support and teaching” for the bulk of pupils who learn in state schools.

But it’s controversial.

Private schools argue that higher costs would mean higher fees - and parents who have scrimped and saved to get their children there, perhaps for more special educational needs support, would be priced out.

The government reckons there won’t be a big drop in private school pupil numbers - and has said those with education health care plans (EHCPs) that name a specific school will be exempt.

The reality is that all private schools are different. Some will ask parents to pay more, others won’t.

Some families will be affected – the question is, how many?

The answer will become clearer over time, but any fall in private school numbers must be considered against a backdrop of falling pupil numbers more generally.

Some services may not improve despite tax risespublished at 15:51 Greenwich Mean Time 30 October

15:51 GMT 30 October

Dharshini David
Chief economics correspondent

Under previous Conservative plans, the tax burden - the proportion of the UK’s income going to the tax office - was due to reach 37.1% - its highest since the Second World War.

Now it‘s set to hit 38% by 2030, a new record.

That leaves the UK in the middle of the international league table, but the burden is rising particularly fast here because the chancellor wants all spending on public services by 2030 to be matched by income.

Despite tax rises of £40bn, however, the broad spending figures imply the budgets for areas such as law and order and housing fail to keep pace with inflation after 2026.

In the words of the OBR, this includes "departments responsible for policy areas where the government has significant policy ambitions, including tackling climate change, addressing rising economic inactivity, and increasing housebuilding".

Health, welfare and interest payments on public debt have taken increasing shares of government spending as we get older, sicker - and have borrowed more.

So while the state is getting bigger, it may not deliver all the improved services you might expect.

Image source, House of Commons

Back in the House of Commons, where a debate on the Budget is ongoing, Liberal Democrat leader Sir Ed Davey says the Budget may not offer people “a sense of hope, urgency and the promise of a fair deal”.

He says Chancellor Rachel Reeves faces an "enormous task", as the Conservatives left an "appalling economic legacy".

But, Davey adds, as the people of the UK look "to this Budget for a clean break with those failures of the last few years, for a sense of hope, urgency and the promise of a fair deal" he fears it won't deliver.

He also congratulates Reeves for today making history today as the first woman to present a Budget.

Image source, Getty Images

The Office for Budget Responsibility assesses the health of the UK's economy. It is independent of government but works closely with the Treasury.

Its reports are usually released alongside big government events such as the Budget and Autumn Statement.

Before these announcements, the government gives the OBR details of its plans to raise or lower taxes and how it intends to spend public money.

The OBR checks the information and makes economic forecasts covering the next five years.

These forecasts cover things like whether the government will spend more money than it raises, and whether the UK's economy will grow or shrink.

The OBR's next forecast will be published alongside Chancellor Rachel Reeves' Budget on 30 October.

• Learn more about the OBR here

Dearbail Jordan
Business reporter

A key task of the Office for Budget Responsibility (OBR) is to provide forecasts on the economy, government spending and whether Labour will meet its own fiscal rules.

But that doesn't mean that what it predicts will necessarily come to pass.

In calculating its forecasts, the OBR depends on assumptions - for example, where it thinks oil and gas prices might go.

These can easily be blown off course, as happened after Russia invaded Ukraine and energy prices went haywire.

What the OBR provides is the best stab at what might happen in an uncertain world.

The Office for Budget Responsibility (OBR) is now holding a press conference to discuss its forecasts surrounding the Budget.

Reeves has lifted National Insurance Contributions by employers but the OBR reckons that it will be workers who end up paying the price.

OBR member David Miles says: "It seems highly likely that it will have an impact on the level of wages that firms who are facing higher taxes on employing people will pay."

He said that over time, it means wages will be lower than they otherwise would have been.

What does the Budget mean for Scotland?published at 15:14 Greenwich Mean Time 30 October

15:14 GMT 30 October

Douglas Fraser
Scotland business & economy editor

Some of the announcements made so far by Rachel Reeves don't affect Scots, at least directly.

Allowing for income tax thresholds to rise after another three years of freeze is an end to a very effective stealth tax, as more people move into higher brackets.

It will be up to MSPs to decide if the same will apply to the different thresholds in the Scottish income tax system.

The reduced level of relief on business rates for the hospitality industry does not apply north of the Border. The consequent money has been added to the block grant for Holyrood, but has not been used for that purpose.

The Budget gives a boost to capital spending - for housing, transport, schools and hospitals - which feeds through that spending formula to the Holyrood block grant.

The chancellor said Holyrood will see £3.4 billion added to the Scottish budget. We had to wait until the papers were published to find out that this is for next financial year, including £2.6 billion of day-to-day spending, and the rest for capital spending. A further £1.5 billion is being added to this year’s Holyrood budget.

That announcement came with a nod to the role Anas Sarwar has, as Scottish Labour leader at Holyrood, when he takes the consequences of this Budget into the 2026 Holyrood election campaign.

Small business say changes will hurt, but it could have been worsepublished at 15:06 Greenwich Mean Time 30 October

15:06 GMT 30 October

Simon Jack
Business editor

Business bore the brunt of the chancellor's £40bn tax raid, but some small businesses may be spared the worst of the impact.

While employers' National Insurance will rise to 15% from 13.8% and the threshold at which it is paid almost halves from £9,100 to £5,000 - the employers allowance rose from £5,000 to £10,500 - that means that they get a £10,500 discount from their overall employers NI bill.

Small business groups described this mitigation as "huge" in protecting many small businesses.

On business rates, there was also good and bad news.

The bad news is that the 75% discount on rates will expire in April, the good news is it will be replaced by a 40% discount for 2025-2026.

Not great but could have been worse.

How significant are the chancellor's tax rises?published at 15:00 Greenwich Mean Time 30 October

15:00 GMT 30 October

By Anthony Reuben

Rachel Reeves started by saying that her Budget would raise taxes by £40bn.

To put that into context, it is a very large increase in taxes from a single Budget – the biggest ever in cash terms.

As a share of the size of the economy measured by GDP, it’s the biggest since Norman Lamont’s Budget in 1993.

The Institute for Fiscal Studies (IFS) says the announcements amount to just under 1.2% GDP and you can see in the chart below how big an increase that would be.

Carer's allowance announcement will be welcome by manypublished at 14:53 Greenwich Mean Time 30 October

14:53 GMT 30 October

Alison Holt
Social affairs editor

Many unpaid family carers struggle financially, so the chancellor’s announcement of an increase to the amount of money they can earn before they lose carer’s allowance will be welcome.

There has been an increasingly vocal campaign calling for change to the benefit.

The £81.90 a week allowance goes to people who care for someone who is older or disabled for more than 35 hours a week.

Currently, carers who get the benefit are only allowed to earn up to £151 a week. Anyone who goes over that, even by a few pennies, faces a cliff edge, which means they lose all their allowance.

The government can then clawback any overpayment. It is a confusing system which has left some already vulnerable people facing significant debts.

Now, carers will be able to earn an extra £45 a week – allowing overall earnings of up to £10,000 a year - without losing any of the benefit.

The chancellor has also said the financial cliff-edge will be looked at.

Eleanor Lawrie
Social affairs reporter

Image source, Family Handout

The chancellor has confirmed carers will be able to earn £45 more a week without their Carer’s Allowance being stopped.

Amina Mitchell - who has cared for mother Lesley since her stroke 12 years ago - says the boost to her earnings will make a “huge difference”.

She earns £108 working eight hours a week as a passenger assistant in West London, transporting people to day-care centres.

Her earnings limit will increase from £151 a week to about £196 a week.

“I nearly started crying when I heard about the announcement. It means at the end of the month I won’t be struggling, worried or anxious,” she says.

“If I want to get extra food that month I can, I won’t have to ask my nan for extra funds.

“It gives me comfort to know I can take on extra shifts - £45 can make a huge difference to some people’s lives and it definitely would for me.”

Carers UK described the increase as “a really important poverty prevention measure”.

Phew that was a lot in an hour. Here are some of the key things we learned as Chancellor Rachel Reeves delivered her first Budget:

National Insurance: Employers' National Insurance contributions will rise from 13.8% to 15%, and the threshold at which they have to pay it will drop from £9,100 to £5,000. But there's some relief for employers in that employment allowance - which allows companies to reduce their NI liability - will increase from £5,000 to £10,500

Income tax: Despite predictions that Reeves might continue the freeze in income tax thresholds beyond 2028-29, she said that after that they would go up in line with inflation.

Capital Gains Tax: For higher rate tax payers, on assets such as shares this will go up from 20% to 24%, for lower rate tax payers, it will rise from 10% to 18%. On residential property, the rates will remain at 24% and 18%.

Non-dom taxation: The non-dom tax regime will be abolished from April 2025

Carer's Allowance: Full-time carers will be able to earn more without losing their allowance - the maximum earnings threshold will rise from £151 to £195 a week

Alcohol duty: Tax on draught drinks will be cut by 1.7%, while non-draught drinks will see a rise in line with RPI - the higher measure of inflation

Fuel duty: The 5p cut to fuel duty on petrol and diesel, due to end in April 2025, will be kept for another year

Stamp duty: From tomorrow, the stamp duty land surcharge for second-homes raises by 2% to 5%

Air passenger duty: On private jets, Reeves is increasing the rate of air passenger duty by a further 50%

Read more: Key points at a glance

Big taxes, big borrowing and big spendingpublished at 14:36 Greenwich Mean Time 30 October

14:36 GMT 30 October

Chris Mason
Political editor

I said this morning this Budget would be big. And big is exactly what it is.

We got a sense of that very early on from the chancellor, when she said: "This Budget raises taxes by £40bn."

To state the bloomin' obvious, that is a massive amount of money. The thrust of what we are hearing is very much in line with what we reported in advance – with one or two tax rises suggested in some places that aren't actually happening.

So the thresholds at which various levels of tax are paid, which are frozen until 2028, will be unfrozen then – the opposite of what was expected.

Frozen thresholds contribute towards what is known as "fiscal drag" and amount to big tax rises – where people can be hauled into paying a tax, or a higher rate of it, courtesy of inflation.

But it is worth remembering that Rachel Reeves could have unfrozen the thresholds before 2028 and chose not to, and could later choose to maintain the freeze.

The other tax rise many thought could happen but didn’t was fuel duty.

But put these two to one side – this is a massive tax raising budget. Alongside it, where they will spend some of that money – on the NHS and schools in England, for instance.

Big taxes, big borrowing and big spending.

But also projected pretty anaemic growth and inflation above its 2% target.

There is one big question – will all this make enough difference that people think their lives are getting better?

With the Budget over, it's time to drill down into the detail of all the measures announced.

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Taxes are going up across the board, Sunak says.

Taxes will rise for small business owners, for the energy sector, for young couples saving for their first home, and for families, he says.

“They’re taxing your job, they’re taxing your business, they’re taxing your savings. You name it, they’ll tax it," Sunak says.

That brings Sunak's response to the Budget in the Commons to an end. MPs are now debating what has just been announced, and while they're doing that, we're going to bring you more reaction and analysis, so stay with us.

Sunak says that Sir Keir Starmer had promised Labour would not raise taxes during the election campaign, and that the Conservatives had warned that that was not true.

"Never in the history of our country will taxes be higher than they are under this Labour government," says Sunak.

He says Labour specifically promised that they "wouldn't raise taxes on working people" - but instead have increased National Insurance, thus "breaking that promise".

Today, Sunak says, the OBR has forecast growth will be lower than it was forecast to be under Conservatives

This is what happens when people with no experience of business lead the government, Sunak jibes, adding it has delivered a "tidal wave" of anti-business measures.

Sunak says that, as Labour's plans became clear, survey after survey showed business confidence plummeting.

He says the government's own assessment show its "French-style" labour laws will impose a £5bn cost on business.

Tax rises on jobs and enterprise announced in the Budget will "hobble growth", he says.