By Jamie Bullen Published: 03:59 EDT, 30 October 2024 | Updated: 04:25 EDT, 30 October 2024 Advertisement

Rachel Reeves will today unveil Labour’s first Budget in 14 years when she heads to the Parliament to outline an expected £35 billion tax raid to plug a ‘black hole’ at the heart of Britain’s finances. The first female Chancellor has already announced pay rises to millions of workers by increasing the National Living Wage to more than £12 an hour and additional funding to increase NHS appointments.But businesses are fearful an anticipated increase in National Insurance contributions will leave them struggling to recruit new staff.Follow MailOnline’s live coverage of Budget day below and join in the conversation in our comments sectionRachel Reeves profile: The prodigal chess player in charge of Britain’s financesRachel Reeves, Britain’s first female Chancellor, will make further history today when she delivers her maiden Budget in Parliament this afternoon.So who is she? How did she come into politics?Reeves was born in Lewisham, south-east London in 1979 just months before Margaret Thatcher was elected prime minister.She once told the BBC that her family ‘weren’t poor but we didn’t have money to waste’ as he recalled how her mother would tick off items on a bank statement against receipts.Her parents separated when she was at primary school which meant she was shuttled between homes along with her sister Ellie, also a Labour MP.She became a national under-14 chess champion after her father taught her at an early age which she credits as helping her to think ahead and plan a strategy.She joined the Labour Party aged 16 and studied philosophy, politics and economics (PPE) at Oxford University before later enrolling at the London School of Economics.She later worked as a Bank of England economist before she was elected to the seat of Leeds West at the 2010 general election.Reeves first joined the front bench under Ed Miliband’s leadership but returned to the backbenches when Jeremy Corbyn was Leader of the Opposition.In May 2021, Keir Starmer appointed her shadow chancellor during a reshuffle following the demotion of Anneliese Dodds.Age: 45Place of birth: LewishamEducation: New College, Oxford and the London School of EconomicsFamily: Married to Nicholas Joicey, a senior civil servant and former speechwriter to Gordon Brown during his time as chancellor. They have two children.Parliamentary constituency: Leeds West and PudseyWhat is the Budget? And when will it be unveiled?Today’s Autumn Budget is the first one to be delivered by a Labour government and comes 118 days after Sir Keir Starmer swept to power with a landslide majority at the general election.The showpiece fiscal event is traditionally held once a year by governments to set out their plans on whether to raise or lower taxes as well as spending on health, schools, the police and other public services.New governments often set out a budget quickly into their first term to outline their priorities that were perhaps included in the party manifesto before an election victory.Rachel Reeves will deliver her maiden budget in the Commons after Prime Minister’s Questions in a speech usually lasting an hour.When she sits down, the Conservatives will immediately respond with former prime minister Rishi Sunak likely to lead the charge in one of his final acts as leader before his successor is declared on Saturday.Good morning
Hello and welcome to MailOnline’s live coverage of the Autumn Budget – the first to be delivered by a Labour government in 14 years.Chancellor Rachel Reeves will today embark on the most momentous day of her political career when she arrives at the Commons with her red box to outline the government’s tax plans.She will address MPs at around 12:30pm amid intense speculation over how she will balance the books after she accused the Tories of leaving her with a £22 billion black hole.Stick with us as we bring you the latest developments throughout the day including analysis and reaction from our political reporters in Westmimster and our This Is Money team who will break down how the Budget affects you and your finances going forward.As always, we’re keen to hear from our readers so let us know what you think by emailing jamie.bullen@mailonline.co.uk.

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Autumn Budget 2024: Live updates as Chancellor Rachel Reeves unveils Labour’s plan for £35 billion tax raid