Rachel Reeves has said that “main taxes on working people” will not rise in the Budget. She gave the reassurance a week before she delivers her first Budget, and the first by a woman Chancellor. But her words left the door open to a raft of other tax rises, many of which could hit London hard.

The actions of the new Government in their first days in office broke a bond of trust with the older generations.

British finance minister Rachel Reeves will seek to shift the world's sixth-biggest economy, and Prime Minister Keir Starmer's government, onto a new course next week with big increases in public spending and tax.

Reeves told ministers that filling the "£22bn black hole inheritance from the previous government" would only be enough "to keep public services standing still". The chancellor is drawing up plans to find £40bn to avoid real-terms cuts to departments, as first reported in the Financial Times.

With Labour’s first Budget less than one week away, people throughout the country are preparing for the changes that Rachel Reeves will make to fill the £22bn black hole in public finances.

Britain's finance minister Rachel Reeves said she would change the fiscal rules in the budget, and the Financial Times said she would be seeking to fund around 20 billion pounds a year of extra investment with increased borrowing.

UK Chancellor of the Exchequer Rachel Reeves confirmed that she would make tweaks to her fiscal rules to allow more borrowing for investment, as the new Labour administration seeks to boost economic growth.

Rachel Reeves will seek to fund around £20 billion a year of extra investment in Britain with increased borrowing, it was reported on Thursday. The Chancellor is set to tear up her fiscal rules, to allow her to borrow more long term,

British finance minister Rachel Reeves said she would be presenting her upcoming budget as a chance to reset the country's economy and boost investment when she meets international partners in Washington on Thursday.

Chancellor Rachel Reeves has hinted at a “challenging” Budget as she prepares to borrow tens of billions of pounds to invest in Britain's crumbling infrastructure. In a new video, posted on X today (24 October),