The Budget is about the long game on the economy and Reeves believes the current pain is a price worth paying.

UK farmers are facing a disaster and could end up paying thousands of pounds more in car tax after the Government quietly closed a lifeline loophole. In a second tax raid vehicles such as the Ford Ranger and Nissan Navara will be classed as cars rather than vans from next April meaning annual bills will skyrocket.

The businessman said the decision to tighten inheritance tax relief on business property is an ‘ignorant swipe at aspiration’

Reeves announced a £22.6 billion increase in the day-to-day health budget, and a £31 billion increase in the capital budget, which she said is the largest increase in spending – outside the pandemic – since 2010. By submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over.

Britain's new finance minister Rachel Reeves announced the biggest tax increases in three decades in her first budget on Wednesday, saying she had to repair the country's broken public services with heavy spending.

With a £40bn hike, Rachel Reeves delivered the highest level of tax increases ever announced in a Budget, but questions remain as to whether her measures will deliver the economic growth she hopes for

Rachel Reeves will seek to fund around £20 billion a year of extra investment in Britain with increased borrowing, it was reported on Thursday. The Chancellor is set to tear up her fiscal rules, to allow her to borrow more long term, while also imposing stricter limits on in year spending.

Cabinet minister Yvette Cooper slapped down Sir James Dyson ’s condemnation of Labour’s first Budget as “spiteful” and being the “death of entrepreneurship”. The Home Secretary insisted that the new Government was seeking to support economic growth in Britain and “opportunities for everyone in the future”.

The UK's wealthiest resident, James Dyson, has called Labour's budget "spiteful". Meanwhile, this week's Money Problem relates to a dodgy haircut. Read these and the rest of today's personal finance and consumer news below.

The hoover entrepreneur, who is one of Britain's leading businessmen, made the accusations in The Times after Labour announced last week that it was raising taxes on multimillion-pound estates.