Chancellor Rachel Reeves is set to unveil £35billion in tax rises in just hours when she delivers the first ever Budget given by a woman.
In what has already been dubbed as "the biggest heist in modern political history", the Labour politician will set out plans to increase money coming into the Treasury's coffers, slash public spending, and ramp up Government borrowing.
Reeves will paint her Budget - Labour's first in 14 years - as a major opportunity to change the future of Britain.
She is expected to say: "This is not the first time that it has fallen to the Labour Party to rebuild Britain. In 1945, it was the Labour Party that rebuilt our country out of the rubble of the Second World War. In 1964, it was the Labour Party that rebuilt Britain with the white heat of technology. And in 1997, it was the Labour Party that rebuilt our schools and hospitals.
"Today, it falls to this Labour Party, this Labour Government, to rebuild Britain once again."
But critics have already accused the Government of breaking its General Election promises and of crippling the country.
Tory leadership contender Robert Jenrick said: "This Budget completes the biggest heist in modern political history. The Labour Party won power by lying to the British public about their plan to hike taxes."
Meanwhile, rival Kemi Badenoch said: "Reeves is about to go on a spending binge with the nation’s credit card, throwing billions into an unreformed system which will take the money but not deliver the results."
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Treasury Minister join Reeves for No11 snap ahead of tax-hiking Budget
Chancellor Rachel Reeves has posed for a snap alongside her Treasury colleagues ahead of her Budget later today.
Reeves, who was holding her red Budget box outside No11, was joined by Chief Secretary to the Treasury Darren Jones, Financial Secretary to the Treasury Lord Livermore, Economic Secretary to the Treasury Tulip Siddiq, Exchequer Secretary to the Treasury James Murray and Parliamentary Secretary to the Treasury Emma Reynolds.
The group of senior Labour MPs were all spotted wearing red poppies ahead of Armistice Day.
Tice warns Reeves' Budget launches 'assault on working people'
PA
Reform UK's deputy leader has accused Rachel Reeves of waging an "assault against working people".
In a short video released ahead of the Chancellor's maiden Budget, the Boston & Skegness MP also revealed that he will grill Sir Keir Starmer at Prime Minister's Questions shortly after midday.
However, Tice had some choice words for Reeves' economic plan.
He said: "It's Budget day, when the Chancellor is going to make an assault on working people, an assault on small businesses and assault on entrepreneuers."
Tories warn Reeves' Budget will tax businesses 'up the wazoo' after 'hitting families' pockets'
A top Tory has accused Rachel Reeves of taxing businesses "up the wazoo" as the Chancellor prepares to unveil her Budget later today.
Shadow Energy Secretary Claire Coutinho said: “As Rachel Reeves prepares to tax businesses up the wazoo today, it’s worth remembering that not one person in this Labour Cabinet has ever started a business.
“This Budget will be the work of a Cabinet of career politicians, trade unionists and lawyers. And it shows.”
In an official social media post, the Conservative Party added: "Today, Rachel Reeves has a choice: Honour the pledges she and Labour made during the election, or hit families in the pocket with a budget of broken promises. Which will she choose?"
'Huge day!' Starmer claims penny-pinching Budget will bring 'brighter future' after '14 years of decline'
Sir Keir Starmer has claimed Rachel Reeves' penny-pinching Budget will bring Britain a "brighter future" after "14 years of decline" under the Tories.
In a social media post ahead of Prime Minister's Questions later today, Starmer said: "This is a huge day for Britain. After 14 years of decline, we will invest in our country - rebuilding our schools, hospitals and roads.
"We won’t shy away from the tough decisions to grow our economy and protect working people’s payslips. There is a brighter future ahead."
In a much shorter post, Reeves added: "Politics is about choices. This Labour Government chooses investment over decline."
The Chancellor also made reference to a number of 2024 Labour Party slogans, including "promise of change", "fixing the foundations"
Rayner arrives at Cabinet ahead of Budget
Angela Rayner
PA
Deputy Prime Minister Angela Rayner has arrived at No10 for today’s Cabinet meeting ahead of the Budget.
Rayner and her ministerial colleagues will hear from Chancellor Rachel Reeves' ahead of her tax-hiking Budget.
Sir Keir Starmer also looks set for a gruelling Prime Minister's Questions ahead of Reeves' announcement.
Sterling inches up against dollar as City chiefs hope to avoid 'Truss-style' chaos
The pound has inched up against the dollar as City chiefs hope Rachel Reeves' will avoid replicating Kwasi Kwarteng's 2022 mini-budget.
Sterling rose by 0.1 per cent to $1.302 as the Chancellor prepares to announce changes to her fiscal rules to free up as much as £50billion for investment in infrastructure.
However, the pound fell by 0.2 per cent against the € after France's economy grow by more than expected.
UK stocks drop but bonds rally ahead of Reeves’ tax-hiking Budget
The FTSE 100 has suffered a stark drop ahead of Rachel Reeves’ tax-hiking Budget later today.
There was a 0.5 per cent drop just minutes after the market opened at 8am this morning.
The slump leaves UK’s blue-chip stock index down at 8,176.05, while the FTSE 250 also fell by 0.2 per cent to 20,574.69.
Meanwhile, the yield on 10-year bonds rallied with a fall of around six basis points to 4.26 per cent.
The change comes as City chiefs remain optimistic about the Chancellor avoiding the turmoil witnessed after Liz Truss' 2022 mini-budget.
Rachel Reeves risks crashing the economy, warns Sir Jacob Rees-Mogg
Sir Jacob Rees-Mogg gave a scathing assessment of Rachel Reeves last night
GB NEWS
Ahead of the Budget, last night former Conservative Cabinet minister Sir Jacob Rees-Mogg suggested that Rachel Reeves is going to crash the economy.
"Her plan to borrow at least another £20billion with her new changed rules contradicts what she said about fiscal responsibility," he said on his GB News show.
"Now, you may not be a great fan of Rishi Sunak and his premiership, I certainly had my criticisms of him, but one thing he did understand was the need to reduce the debt."
UK Armed Forces set to get extra £3billion - but no commitment to date on spending 2.5 per cent on defence
Britain's Armed Forces are set to be given an extra £3billion today, it has been claimed.
The Chancellor is expected to announce an increase in the defence budget for the 2025-26 financial year.
Rachel Reeves's announcement will help create a pathway to increasing defence spending to 2.5 per cent of national economic output.
However, there is criticism that Labour is not setting out exactly when it will hit the 2.5 per cent mark.
Ahead of the Budget - what we already know
Rachel Reeves will deliver her Budget in the House of Commons shortly after 12.30pm. But plenty of announcements from the major fiscal event have already been confirmed.
We already know that the cap on bus fares will rise by 50 per cent from £2 to £3, the national minimum wage will rise by 6.7 per cent from April, and that the Government will change its fiscal rules to allow for billions more in borrowing.
It used to be a resigning matter for a Chancellor to brief out aspects of the Budget in advance but those rules are rarely respected my ministers these days - much to the annoyance of House of Commons Speaker Sir Lindsay Hoyle.
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