Budget 2024: Five key announcements from Reeves' speech

Rachel Reeves, the UK’s first female chancellor, has presented Labour’s first budget, which she said would raise taxes by £40 billion.

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Before her speech, the deputy speaker took the chair and gave Labour a rap on the knuckles for leaking the key measures.

Reeves began her budget with a long attack on the Tory record, and her key weapon was an analysis by the Office for Budget Responsibility. This, she said, showed that the previous government “did not provide the OBR with all the information” and that their forecasts would have been “materially different” if they had done so.

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