Chancellor of the Exchequer, Rachel Reeves, poses with the red Budget Box as she leaves 11 Downing Street to present the government's annual budget to Parliament, on November 26, 2025

Rachel Reeves’s hotly-anticipated annual Budget has finally been revealed, after weeks of speculation and leaks from government officials.

It means today is the biggest financial occasion of the year where the government unveils its plans for taxes and spending.

The Budget has been a source of major speculation for months, as the government has been scrambling around to try and fill the £20-£30 billion black hole in the public purse.

Then – just 30 minutes before Reeves was due to announce the Budget in the Commons at 12.30pm today – the Office for Budget Responsibility (OBR) accidentally unveiled its reaction to the Budget in a humiliating turn for the government.

Here’s what we know now the government is planning to do with the public finances.

Two-child cap scrapped

As HuffPost UK revealed in September, the government is lifting the two-child benefit cap, which prevents family from claiming more of universal credit on any children after their second.

The move will be welcomed by most Labour MPs – but may be a tough sell to the public as taxes go up as well.

Scrapping the cap will be funded by increasing taxes paid........

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