Politics LIVE: Rachel Reeves to give major speech as fears over tax rises intensify

Rachel Reeves will today reveal her "principles" as she prepares to hike taxes and slash spending in the upcoming Budget.

The Chancellor will reveal her priorities for this month's fiscal event and address mounting speculation about plans to break her manifesto commitment on income tax.

She is expected to admit that her 2024 Budget failed to fix the economy's foundations, and is now coming back for more to boost funding for other priorities, such as the NHS.

She will say: "You will all have heard a lot of speculation about the choices I will make. I understand that - these are important choices that will shape our economy for years to come. But it is important that people understand the circumstances we are facing, the principles guiding my choices - and why I believe they will be the right choices for the country."

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