Rachel Reeves will raise taxes and increase borrowing as she promises to “invest, invest, invest” to “rebuild Britain”.

The UK’s first female chancellor will deliver the first Labour budget since Alistair Darling in 2010, promising to put “more pounds in people’s pockets”.

But commitments not to increase income tax or national insurance on employees are likely to see companies hit with a greater share of the burden to help repair the nation’s finances and fund stretched public services.

Talk’s Alex Phillips says: "Labour has got very excited!"

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