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Rachel Reeves has set out her budget, in which she has scrapped the two-child benefit cap, brought in a new “mansion tax” on high-value properties and introduced higher income tax rates on savings, dividends and money earned from property.

As expected, the chancellor also announced that income tax thresholds would be frozen until the 2030-31 tax year. Basic rates of income tax, VAT and national insurance will not go up, which Reeves says means Labour has kept its manifesto pledge not to raise taxes on working people.