Chancellor Rachel Reeves delivered her autumn budget to the House of Commons on Wednesday, announcing tax rises and spending measures aimed at closing a fiscal gap estimated at more than £20 billion by the Office for Budget Responsibility.

Reeves confirmed an extended freeze on income tax and national insurance thresholds, a measure that draws more workers into higher tax bands as wages rise. The Treasury said the frozen thresholds and targeted levies on wealth, property and business would together raise the bulk of the required revenue without lifting headline rates of income tax, VAT or employee national insurance.

The budget followed weeks of speculation after the OBR downgraded productivity forecasts, widening the shortfall Reeves faced against her fiscal mandate. Prime Minister Keir Starmer had publicly defended the Chancellor in recent days, insisting the government would prioritise fiscal credibility over short-term popularity.

Shadow Chancellor Mel Stride accused Reeves of breaking manifesto commitments and punishing working families through stealth taxation. Reform UK and Conservative figures said the measures would weaken growth, while some Labour MPs and unions pressed for greater protection for lower-income households and public services.

Reeves told MPs the budget would restore stability and fund the NHS and infrastructure, framing the choices as necessary to repair the public finances. The pound and gilt markets were watched closely for reaction, after the bond-market turbulence that shadowed previous fiscal events.