Edited by James Cain (Politics Specialist) and Tom Preston (Business Specialist)
15:00 – End of live coverage
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14:30 – West Yorkshire mayor responds to Budget
13:57 – Badenoch: Budget is “Nightmare Before Christmas”
Summing up her thoughts on this Budget, Kemi Badenoch said: “Last year was the Horrors of Halloween budget, and this year it’s the Nightmare Before Christmas.”
13:54 – Leader of Opposition warns of business exodus
Badenoch has claimed unemployment is up every month since Labour has been in office.
She also said newspapers have reported that 1 in 8 business leaders are planning to leave Britain.
13:50 – Tory leader criticises tax rises
The Leader of the Opposition questions why the government have decided to increase taxes instead of decreasing welfare spending.
She said: “The real story here is Labour have lost control of welfare spending.
She also noted that another £3 billion has been added to the spending bill by scrapping the two-child benefit cap.
13:49 – Badenoch: Chancellor is ‘utterly incompetent’
Kemi Badenoch responded to Reeves’ comments regarding the ‘mansplaining’ she has faced during her political career.
“They aren’t complaining because she’s female, they’re complaining because she is utterly incompetent.”
She also called the Budget Speech an “exercise in self-delusion”.
13:43 – Badenoch begins response
The Leader of the Opposition, Kemi Badenoch, has begun delivering her response to Rachel Reeves’ Budget.
13:35 – Minimum wage increased
National Minimum Wage for 18-20 year olds will be increased from £10 to £10.85 per hour.
Living wage will also be increased from £12.21 to £12.71 per hour.
13:31 – ‘Rape clause’ to be removed
The so-called ‘rape clause’ will be removed as part of the abolition of the two-child benefit cap.
It allowed mothers to claim Universal Credit or Child Tax Credit for a third or subsequent child.
The women had to prove the child was conceived as a result of rape or a controlling and coercive relationship.
13:30 – Two-child benefit cap abolition confirmed
Reeves has confirmed that the two-child benefit cap will be lifted in April.
She says “it is the kids who have been punished” by the policy.
It was first introduced by the Coalition government.
13:27 – Gambling taxes increased
Reeves will be increasing remote gaming duty from 21% to 40%.
Online betting levies will rise from 15% to 25%.
There will be no change to in-person or horse-racing levies.
She says it will raise £1billion by 2031.
13:25 – Vaping levy
There will be an uprate in existing alcohol and tobacco levies, alongside the introduction of a new vaping levy.
Alcohol duty will rise in line with the Retail Price Index (RPI) inflation rate, which was 4.5%.
Tobacco duty will be raised by RPI plus 2% annually.
A new Vaping Products Duty will be a flat rate of £2.20 per 10ml.
13:24 – New electric car excise duty
A new electric vehicle excise duty will be implemented, the Chancellor announces.
It will cost 3p per mile, and 1.5p per mile for plug-in hybrids.
An extra £200million will help with the rollout of electric charging points.
£1.3bn additional funding will also be provided for electric car grants.
13:21 – Lower tax rates for retail and leisure
Permanent lower tax rates have been announced for 750,000 retail, hospitality and leisure properties.
This will be paid for by higher rates by on properties worth £500,000 or more.
13:16 – New ‘mansion tax’
A new tax will be introduced on large houses.
It will consist of £2,500 for properties worth more than £2million, and £7,500 for properties worth more than £5million.
This will be collected alongside the existing council tax rates.
Reeves says it will raise over £4.1million by 2031.
13:15 – Student loan repayment frozen
The government will keep student loan repayments at 2026 levels for 3 years.
13:13 – Tax thresholds will not be raised
All income tax, National Insurance and VAT rates contributions will be frozen for 3 years, until 2028.
This means Reeves won’t break Labour’s manifesto pledges from last year, which had been hinted at in previous weeks.
13:10 – Free apprenticeships for under-25s
The Chancellor has announced funding to make under-25 apprenticeships free for all small- to medium-sized businesses.
13:08 – Covid contract money
The government has managed to recover almost £400m from ‘dodgy’ pandemic spending and Covid contractors.
13:06 – Healthcare investment
The government will invest £300million into technology to cut NHS waiting times.
13: 01 – Chancellor addresses investment into schools across the country
The Chancellor says she wants to see schools across the country have access to libraries, as well as announcing an investment of £18m set aside to improve playgrounds and other community services.
12:58 – Financial debt reaches £2.6tr
The net financial debt this year is £2.6trillion.
This amounts to 83% of the country’s GDP.
12:50 – Spending on Sheffield Forgemasters
The Chancellor announces investment into Sheffield’s Forgemasters as part of investment into steelworks across the North.
12:44 – Changes to cash ISAs
The Chancellor has announced changes to Cash ISA saving accounts, which previously allowed payments of up to £20,000 a year.
The changes will cap this amount at £12,000 for under 65s, with the remaining £8000 pounds of this amount reserved purely for investment.
12:38 – Chancellor acknowledges OBR’s early release
The Chancellor began the Budget Statement by acknowledging the early release of the OBR report, calling it “deeply disappointing”.
She adds that OBR have taken full responsibility for the accidental release of the report, which isn’t supposed to be seen until the start of the Budget Speech before the Commons.
12:36 – Reeves now delivering Budget Statement
Chancellor Rachel Reeves is now addressing the Commons.
12:34 – Deputy Speaker makes statement
Deputy Speaker of the House of Commons, Musrat Ghani, is now speaking about the OBR’s forecast leak.
She called leaking information to the media a ‘disappointing trend’.
“This all falls shorts of standards that the House expects.”
She also told off several MPs for being too rowdy.
12:30 – Reeves about to speak in Commons
Chancellor Rachel Reeves is about to deliver her Budget Statement to MPs.
12:27 – Two-child benefit cap to be lifted
The OBR also says that the two-child benefit cap will be lifted.
This will cost an estimated £3bn by 2029-30.
12:25 – OBR: Budget will raise taxes by £26bn by 2029-30
The OBR forecast – which was released early by mistake – says the proposed tax rises will raise up to £26billion by the end of the decade.
They also expect inflation to reach 3.5% for this year – slightly higher than the forecaster estimated in March, when it predicted a 3.2%.
12:05 – Lower growth forecast than predicted
In a forecast this morning, the Office of Budget Responsibility (OBR) says: “GDP is forecast to grow by 1.5 per cent on average over the forecast, 0.3 percentage points slower than we projected in March.”
12:00 – Welcome to our live page
Welcome to 360Wire’s live coverage of today’s Autumn Budget.
Chancellor Rachel Reeves will be setting out her spending plans to MPs just after PMQs – we’ll bring you updates as they come in.