The Chancellor announced £26bn in tax rises to fund £9bn for benefits and cost‑of‑living help, scrapping the two‑child cap. Fiscal drag moves 1.8m into a higher band; NI added to pension contributions; hikes target landlords, savers, investors and £2m homes. OBR forecasts weaker growth.

Reeves announces £26bn in tax rises to close the deficit and fund £9bn of benefit increases and cost‑of‑living help, including a £150 energy bill cut. 1.8m more move into a higher band. Levies rise for landlords, savers and expensive homes. The OBR warns of weak growth; markets remain calm.

Rachel Reeves faces a pivotal Budget: expected to scrap the two‑child benefit cap, lifting many from poverty but creating a £3bn bill likely to fall on workers. An 8.5% rise for 18–20s on minimum wage to £10.85 is planned, amid stubborn inflation and hospitality warnings over job creation.

Former IFS chief Paul Johnson warns Labour’s planned council tax surcharge on £2m-plus homes is a sticking plaster that risks mishandling and may not raise the hoped-for £400m. Around 100,000 households could face about £4,500 extra. He says the council tax system needs full reform.