What is the Budget? And when will it be unveiled?
Today’s budget marks the second in Labour’s administration and follows on from one the biggest tax raids in history following Rachel Reeves’ first ever financial statement in October last year.
The showpiece fiscal event is traditionally held once a year by governments to set out their taxation plans as well as spending on health, schools, the police and other public services.
Rachel Reeves will deliver her maiden budget in the Commons after Prime Minister’s Questions, which starts at midday.
At around 12.30 she will stand at the dispatch box and deliver her speech, which usually lasts an hour. The first part of the statement typically begins with a review of the nation’s finances followed by her proposals for taxation.
When she sits down, the Conservatives will immediately respond, with comments from Leader of the Opposition Kemi Badenoch, rather than the Shadow Chancellor Mel Stride.
