Chancellor Rachel Reeves has set out a Budget that will increase taxes by £40 billion, as she promised to “fix the foundations” of the UK economy.

She said the government will raise £25bn from increasing employers’ National Insurance contributions.

This was the first Labour Budget since 2010, and the first ever delivered by a woman.

Reacting to the Budget, Conservative Party leader Rishi Sunak called it “an enormous borrowing spree” which contains “broken promise after broken promise”.