UK Budget RECAP: SNP on 'absolute chaos' for Scotland as Rachel Reeves defends tax rises
The UK Budget was a crucial moment for under-pressure Sir Keir Starmer and his Chancellor Rachel Reeves - the markets seem happy, but what will the ultimate fallout be?
Rachel Reeves has confirmed the two-child benefit cap will be lifted as part of her UK Budget, as she announced further tax hikes to balance the books.
In a filmed address ahead of the UK Budget, the Chancellor said the UK government had started to see results in the past year with “wages rising faster than inflation, hospital waiting lists coming down, and our economy growing faster and stronger than people expected”.
Taxes on electric vehicles are rising, with a pay-by-mile scheme introduced. Salary sacrifice into pensions above £2,000 will also be taxed from 2029, Ms Reeves confirmed.
Ms Reeves stood from 12.30pm, immediately after Prime Minister’s Questions, to deliver the Budget. It came after the Office for Budget Responsibility had more than half an hour earlier leaked its forecast analysis of the Budget, effectively revealing a host of the key announcements.
The Scotsman will bring you every update and announcement via the live blog today - so strap yourselves in to find out just what the Budget means for you.
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