Tax receipts are at record levels, yet borrowing costs, debt interest payments and broader spending pressures continue to strain public finances.

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The key question is whether this Budget focuses on raising additional revenue, delivering stronger economic growth, or attempts to do both. The test for the Chancellor will be whether he can demonstrate a credible plan to support growth while keeping spending and borrowing under control.

Much of the Budget speculation has focused on where taxes could rise, but can the Government also create the conditions for stronger private sector investment, productivity and business confidence?

Expectations of major giveaways should be low as the Government has limited room to manoeuvre on the largest taxes.

Fiscal drag continues to do much of the Treasury's heavy lifting as frozen tax thresholds push more people into higher tax bands without increasing headline tax rates.

For many taxpayers, this will be the biggest tax increase.

Triple Lock reforms have already been announced.

With the State Pension looking to move above the Personal Allowance, the Chancellor is expected to ensure those relying solely on it do not pay Income Tax. The challenge will be avoiding yet another layer of complexity and new cliff edges to address this point. With pensions also set to fall within the Inheritance Tax net from 2027, and tax reliefs frequently attracting Treasury attention, retirement savings remain firmly in the........

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