Labour chancellor to deliver budget after speculation over tax rises, debt rule changes and promised end to austerity

Rachel Reeves will deliver the first Labour budget in 14 years on Wednesday after weeks of speculation over tax increases, changes to the government’s debt rules and a promise to bring an end to austerity.

The chancellor has said she will focus on three priorities: protecting working people, fixing the NHS and rebuilding Britain. However, the government has warned the public to expect “painful” decisions because of what Labour has termed a dire economic inheritance left by the Conservatives.