Industry reaction mixed to historic budget which sees chancellor raise taxes, borrowing and public spending

Delivering the first labour budget in 14 years - and the first ever by a female chancellor - Reeves outlined a series of measures aimed at supporting economic growth, putting more money in people’s pockets and rebuilding public services.

During a commanding performance beginning with an attack on the former government - which she accused of playing fast and loose with public finances - Reeves’ first budget (which kicked off with an assurance that there will be no increases to NI, VAT or income tax for working people) marked a distinct shift in tone for an administration that has been criticized for its gloomy mood-music since taking office in July.

The headline announcement is an eyewatering £40bn increase in taxation, an estimated £25bn of which will come from increases to employer National Insurance contributions and the remainder chiefly from rises in capital gains and inheritance tax as well as a clamp down on various tax loop holes, which Reeves said will save an additional £9bn per year.