The Latest Breaking News from OBR

Warning comes after Rachel Reeves’s record tax-raising budget sent tremors through financial markets

Labour said it would bring taxation of performance-related pay in the industry in line with others – but the chancellor had a change of heart

Chancellor Rachel Reeves insisted she had no alternative but to raise taxes in her first Budget.

Perhaps the most important long-term change announced in the first Labour budget are the new rules the government has set itself to fund the expansion of public services and increase public investment. These fiscal rules, which set out how much the government can borrow and spend, are seen as critical…

Unless the chancellor’s capital spending increases stimulate private investment, expect more tax rises ahead

Rare intervention comes as Resolution Foundation says UK will remain ‘stagnation nation’ despite push to invest

Tax rises in the Budget are likely to hit workers in the pocket with lower pay rises, Rachel Reeves has admitted.

The Chancellor acknowledged her decision to raise national insurance contributions for employers could affect wage growth for workers.

The Chancellor acknowledged her decision to raise national insurance contributions for employers could impact wage growth for workers.

The Resolution Foundation has warned that the pay outlook is “dire” and many UK workers will not feel any better off by the end of this Parliament

The Office for Budget Responsibility stressed three quarters of the rise in National Insurance on employers would ultimately feed through into lower wage increases for employees