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This article will be updated live with key announcements, headline figures, and policy changes as they’re confirmed. From taxation and public spending to inflation and support for businesses, we’ll summarise the most relevant updates as they happen.
Check back regularly throughout the day for the latest.
The Chancellor announced £13 billion in flexible funding for seven regional mayors, aimed at boosting local investment in skills, business support, and infrastructure.
She stated the government is “putting money and power back in local and regional leaders.”
Reeves scraps Spring Statement
Rachel Reeves has just scrapped the Spring Statement.
She said she will instead follow the recommendations of the IMF by “assessing the fiscal rules just once a year at the Budget”.
Income Tax Thresholds Frozen Until 2031
The Chancellor has confirmed that income tax thresholds will remain frozen for an additional three years, extending the freeze beyond 2028 to 2031.
