In the first Labour Budget since 2010 – and the first ever delivered by a woman – Ms Reeves promised to “invest, invest, invest”.

But she said the “black hole” left by the Conservatives requires tens of billions of additional taxes.

These are the highlights from Ms Reeves Budget announcement, which lasted 77 minutes.

Rachel Reeves has promised an extra £470 for pensioners next year, as she maintained the Government’s commitment to the pension triple lock.

The triple lock guarantees an increase in pensions in line with average earnings, inflation or 2.5%, whichever is highest.

Making the announcement the Chancellor said: “This commitment means that while working-age benefits will be uprated in line with CPI at 1.7%, the basic and new state pension will be uprated by 4.1% in 2025-26.

“This means that over 12 million pensioners will gain up to £470 next year.”

She added: “The pension credit standard minimum guarantee will also rise by 4.1% from around £11,400 per year to around £11,850 for a single pensioner.”

Ms Reeves confirmed changes to inheritance tax, including bringing pension pots within the with tax from April 2027.

Ms Reeves said: “Only 6% of estates will pay inheritance tax this year. I understand the strongly held desire to pass down savings to children and grandchildren, so I am taking a balanced approach in my package today.

“First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years, until 2030.

“That means the first £325,000 of any estate can be inherited tax-free, rising to £500,000 if........

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