Chancellor Rachel Reeves

Rachel Reeves will deliver her make-or-break second Budget on Wednesday, with voters braced for a wave of tax increases as she tries to fill a black hole of between £20 and £30 billion in the public finances.

The chancellor is under huge pressure to deliver a financial statement that appeals to voters while not spooking the international money markets.

It is not an overstatement to suggest that her job – and that of her next door neighbour Keir Starmer – could rest on whether or not the Budget is a success.

The build-up to the big day has been far from plain sailing for Reeves, who dramatically U-turned on plans to raise billions by breaking Labour’s manifesto pledge not to put up income tax.

That has left her exploring a “smorgasbord” of options to raise the money she needs to balance the books.

Although nothing will be officially confirmed until Reeves delivers her statement at around 12.30pm on Wednesday, here is what we already will be in it.

Rail fare freeze

The government announced over the weekend that rail fares in England will be frozen next year – the first time in 30 years.

The freeze will apply to regulated fares – including season tickets and off-peak returns – until March 2027.

It only applies to services run by England-based train operating companies, but the government said it intends to “directly limit inflation” and hold down a “major component of everyday costs”.

Prescriptions kept to under £10

Patients will be able to save around £12 million next year as the chancellor intends to extend the freeze on NHS prescription charges.

The cost of a single prescription will remain at £9.90.

Minimum wage reforms

Labour will regularly name and shame employers who breach the national minimum wage rules.

A Treasury source said this is meant to protect vulnerable workers and prevent companies from hiding by........

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