Politics LIVE: Rachel Reeves to give major speech as fears over tax | Politics | News

Rachel Reeves will unveil her “principles” today as she prepares to raise taxes and cut spending in the upcoming budget.

The Chancellor will set out his priorities for this month’s fiscal event and address growing speculation about plans to break his manifesto pledge on income tax.

He is expected to accept that the 2024 Budget failed to fix the fundamentals of the economy and is now coming back for more help to increase funding for other priorities such as the NHS.

He will say: “You have all heard a lot of speculation about the choices I will make. I understand that; these are important choices that will shape our economy for years to come. But it is important that people understand the circumstances we face, the principles that guide my choices, and why I believe they will be the right choices for the country.”

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