Today, Chancellor of the Exchequer Rachel Reeves announced the Budget during the PMQs - the first Labour Budget since 2010.

The Chancellor outlined in the Commons today Labour's roadmap to "restore economic stability and protect working people".

The budget will increase taxes by £40bn, with the bulk of the money raised by increases to Employers National Insurance contributions.

Labour have criticized the Conservative government, blaming the "difficult choices" in the budget on the £22bn "black hole" that was left by the previous government.

Here are some of the key announcements made today, including major spending and tax changes.

Key Spending

• National Living Wage to increase by 6.7% 
• Carer's allowance increases to equivalent of 16 hours at the National Living Wage per week
• 4.1% increase to Basic and New State Pension
• Duty on draft alcohol cut by 1.7%
• Tripling investment in school breakfast clubs
• Department of Education to receive £6.7bn, with £2.1bn to improve school maintenance 
• Real-terms funding increase to local government investment including £1.3bn of grant funding, with a focus on social care and homelessness support
• Housing investment of £5bn, including support to increase supply of affordable housing, reducing Right to Buy discounts, and ensuring Local Authorities retain full receipts.
• Promise to fix more than one million potholes a year
• Extension on bus fare cap at £3 until December 2025
• £22.6bn for day-to-day NHS budget and to help bring down waiting lists
• Total public investment boost of over £100 billion over the next five years

Key Tax Changes

• Fuel Duty will be frozen until 2026, with National Insurance, Income Tax, and VAT also not increasing.
• Employer National Insurance will increase by 1.2% from April, with the current annual secondary threshold lowered from £9,100 to £5000.
• Increase of 8% to the lower rate of Capital Gains Tax, and a 4% increase on the higher rate.
• Increased duty on tobacco, non-draft alcohol, and vaping liquid, as well as increase in soft drinks levy.
• Private Jet Air Passenger Duty to increase by 50%
• Increase in Second Home Stamp Duty Tax from 3% to 5%
• Abolishment of the non-dom tax regime 
• Increase VAT on private schools from January 2025 and remove Business Rates relief

You can view the Government's own Budget summary on the Government website, or read the Chancellor's full Budget Report on Hansard.