'Total humiliation' of Reeves' 43 tax grabs

BROKEN PROMISES BUDGET 2025

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scenes, Ms Reeves had to deliver her financial package to MPs after it had already been leaked. Her raid includes £12.7bn from extending the income tax threshold freeze by three years - a “hammer blow” for OAPs.

‘A quaiter of the working population will pay higher or top rate tax by the end of the decade and up to half a million more pensioners will be caught up in the tax net.

Ms Reeves will use the money to fund an extra £9bn on welfare — including the £3bn cost of abolishing the two-child benefit cap.

The Chancellor is also to hammer workers putting money aside for retirement with a near-f5billion raid on pension savings. She confirmed plans for a cap on salary sacrifice schemes from April 2029. A £2,000 limit on the total employees can save each year without national insurance costs will give the Treasury £4.7billion this parliament.

Ms Reeves also announced higher taxes on betting, electric cars and large homes to plug her financial black hole.

Fuel duty will be frozen for five months until September but the 5p relief introduced by Rishi Sunak in 2022 will be phased out. From April 2027 fuel duty is due to be uprated annually by retail price inflation.

‘Addressing a febrile House of Commons, the Chancellor said she was asking “everyone to make a contribution”, despite pledging just 12 months ago that the threshold freeze would not be prolonged.