The Latest Breaking News from OBR

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…

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

Rachel Reeves has hit back at criticism of her Budget after the chancellor received backing from the International Monetary

PM says budget just ‘first step’ after watchdog said measures would make no difference to growth over five years

The Institute for Fiscal Studies also stressed that much of the National Insurance rise on employers would feed through into smaller pay rises for workers

Institute for Fiscal Studies says increasing borrowing to fund investment ‘right thing to do’