Rachel Reeves will deliver the Budget in the the House of Commons later on today at around 12.30pm. The statement will come just after Prime Minister’s Questions and last for roughly an hour. The announcement is made to MPs and Kemi Badenoch, the Leader of the Opposition, will give a response immediately afterwards.

The FTSE 100 plunged and borrowing costs swung wildly after Rachel Reeves’s Budget tax plans were thrown into chaos overnight.