Rachel Reeves is set to unveil up to £40 billion of tax hikes and spending cuts in Labour’s first Budget.
The Chancellor will kick off her speech after Prime Minister’s Questions in the House of Commons at midday.
Speculation has been high over which taxes will go up amid confusion over Labour’s pledge not to hit “working people”.
The party’s manifesto promised not to increase taxes on working people and explicitly ruled out a rise in VAT, national insurance and income tax.
There has also been fury over Ms Reeves’s announcement in July that winter fuel payments would be axed for most pensioners.
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