Summary

  • The chancellor pledges a major increase in public spending amid higher than expected economic growth

  • Total departmental spending will increase by £150bn by 2024-25, which Rishi Sunak says is the largest increase this century

  • Amid huge concern over the £20 cut to Universal Credit, changes will be made to let working claimants keep more of their benefits

  • But Labour's Rachel Reeves - standing in for Keir Starmer, who has Covid - says struggling families will think Sunak is "living in a parallel universe"

  • He also announces extra money for schools, tax cuts for businesses and a cut to air duties for flights within the UK

  • A shake-up of alcohol duty will see cheaper sparkling wine and draught beer, while a planned rise in fuel duty has been cancelled

Live Reporting

  1. Good morning

    Hello and welcome to our live coverage of today’s Budget statement.

    At around 12:30 BST, Chancellor Rishi Sunak will set out how much of our money the government will take in taxes, and what it will be spent on.

    This Budget is unusual in that is the second we’ve had this year, after the one in March.

    It also comes on the same day as the results of a spending review.

    Confused about what that means? Don’t worry, we’ll provide updates and analysis throughout the day to guide you through just what has been announced, and what it means for you.