Autumn budget live: major tax rises expected as Rachel Reeves prepares to set out first Labour budget in 15 years

The chancellor will deliver the budget at around 12.30pm GMT, just after PMQs

• Five key charts that underpin the budget
• Tax changes to look out for

Good morning. Rachel Reeves, the chancellor, will today seek to reset the trajectory of public spending and taxation for the rest of this parliament – perhaps for a decade, based on Labour’s pre-election rhetoric – with what is set to be the biggest tax-raising budget in history, at least in cash terms. Larry Elliott and Pippa Crerar preview it here, in our overnight story.

In recent years budgets have become two-week news events, with many of the main measures being covertly, or overtly, announced in advanced by the Treasury, instead of being unbundled as a surprise in the hour-long Commons statements. This year that has been happening even more than usual, to the extent that government insiders are saying that there will be no surprises in speech this afternoon. That means that she won’t use her last two minutes to unveil an out-of-the-blue tax cut or spending bonanza destined to grab the news headlines; it doesn’t mean that there won’t be plenty of interesting news in the budget, and things we did not know. With most of the big announcements, we have a broad indication of what’s coming, but not the detail.

My belief in Britain burns brighter than ever. And the prize on offer to today is immense.

More pounds in people’s pockets. An NHS that is there when you need it. An economy that is growing, creating wealth and opportunity for all. Because that is the only way to improve living standards.

[Reeves] will make clear that this budget rejects austerity, instead prioritising economic stability, investment and reform. The budget will ensure funding to cut hospital waiting lists, unlock affordable homes and new investment to rebuild schools. Meanwhile, working people won’t face higher taxes in their payslips in line with the manifesto commitment not to increase taxes on income tax, VAT or employee national insurance.

The chancellor will reflect on the tough decisions she has had to make to restore economic stability, on spending and welfare by cracking down on fraud, tax avoidance and waste, and making sure every penny of taxpayer money is spent wisely.