Chancellor Rachel Reeves has delivered Labour’s first budget since the party took to power in July 2024.

Rachel Reeves stood up in the House of Commons to deliver the budget, marking the first time a Labour government has announced a budget in 14 years and the first time a female chancellor has done so in the 800-year history of the role.

Since she stepped into the job in July, Reeves has made it clear that she has inherited a “£22bn black hole in public finances” from the previous Conservative government.

In the House of Commons she started off the over 80 minute-long budget speech by saying: “The only way to drive economic growth is to invest, invest, invest. To deliver that investment we must restore economic stability and turn the page on the last 14 years.”

She stressed that the “seriousness of the situation inherited cannot be underestimated” and is the cause for the “difficult decisions” she will be making in this budget.

She then announced that the Autumn budget will raise taxes...