Chancellor Rachel Reeves is set to mount one of the biggest raids in history when she gets to her feet in the Commons at 12.30pm.
Rachel Reeves will deliver a massive £35billion 'tax bomb' Budget that could define the Labour government today.
Ms Reeves will argue that the Tories left public services in tatters and more funding is essential - even though critics say much of the gap is down to bumper public sector pay deals she signed off. In comments trailed overnight, she said: 'The only way to drive economic growth is to invest, invest, invest.Ms Reeves will brief the Cabinet this morning before becoming the first woman in history to deliver a Budget.
Ministers have been arguing that does not breach the Labour manifesto vow not to raise the main rates of NICs, income tax or VAT because it will not appear on 'payslips'. 'This latest increase comes at the same time as proposed changes to employment rights and expected increase in employers' national insurance,' she said.Investors are also set to be hit by an increase in capital gains tax.
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