"What have we got?" Badenoch asks the chamber.

She attempts to lead a chant and the Tory benches join in.

"Welfare spending - up! Universal credit claimants - up! Debt interest - up! Inflation - up!

"Growth - down! Investment - down! Business confidence - down!"

Higher borrowing costs came from the chancellor's lack of grip, says Kemi Badenoch, continuing her response to the Budget.

She says the government is paying more to borrow than at any point during the Tories' 14-year rule.

Badenoch says the "bad" choices made by the chancellor today are because of down to the "bad" choices she made at the last Budget.

"There is no growth and no plan," Badenoch says.

"Just look at the circus around this Budget... she has become the first chancellor to release the whole Budget ahead of time," she says.

Badenoch calls Reeves's Budget a "smorgasbord of misery".

After standing at the dispatch box for more than an hour, Reeves takes a seat to huge cheers from the Labour benches.

Prime Minister Keir Starmer pats her on the shoulder and can be seen telling her "well done".

Tory leader Kemi Badenoch rises from the benches opposite to deliver her official response.

She jokes that this should be Reeves's last Budget as chancellor, and describes the last few days as a "total humiliation".

"Last year she put up taxes by £40bn, the biggest tax raid in British history," Badenoch says.

"She swore it was a one-off. Today she has broken every single one of those promises.

"If she had any decency she would resign."

Image source,UK Parliament

Rachel Reeves has finished, and sits down to a large pat on the back from Prime Minister Keir Starmer while the rest of the Labour benches wave white papers and cheer.

Next up, we'll hear Conservative leader Kemi Badenoch's response to the Budget for the opposition.

Remember, you canwatch her remarks live at the top of the page - and we'll bring you all the reaction here.

The chancellor is coming to the end of her Budget statement.

She says she has "cut the cost of living", by taking money off bills and freezing prices.

She says she has done this "while keeping every single one" of Labour's manifesto commitments.

There is no austerity or "reckless borrowing" she says, adding that these are "the Labour choices".

Inflation will be 0.4% lower next year, according to the Office for Budget Responsibility (OBR).

Reeves attributes this decrease to Labour's action on bills and prices.

Image source,Getty Images

The chancellor says she came into politics because she believes every child "deserves an equal chance" to achieve their goals.

The "biggest barrier" to this is child poverty, she says.

She announces a "fully costed and fully funded" removal of the two-child limit, coming into effect in full from April.

There are cheers from the Labour benches, met with some loud jeers from the opposition.

Reeves says that the Labour government is achieving "the biggest reduction in child poverty" over a Parliament since records began.

• Forcontext:The two-child benefit cap means parents can only claim universal credit or taxcredits for their first two children - a policy introduced by formerConservative chancellor George Osborne.

More announcements from Reeves, who lists off the issues she says she is tackling - including the cost-of-living, extending the bus fare cap and freezing rail fares and prescription charges.

She again mentions the increase in the national minimum wage, announced yesterday.

The chancellor also commits to extending the 5p cut in fuel duty until September next year.

She then says is scrapping the Eco energy scheme, which she says will cut £150 from the average household energy bill from April.

Rachel Reeves reveals a reform to gambling taxes as part of her Budget speech.

Remote Gaming Duty is being raised from 21% to 40%. Duty on online betting is increasing from 15% to 25%.

No changes have been made to in-person gambling or horse-racing. Bingo Duty is also being entirely abolished from April 2026.

The chancellor says her reforms to gambling tax will raise over £1bn per year by 2031.

Image source,Getty Images

The chancellor announces a new electric vehicle excise duty.

She explains: "This will be payable each year alongside vehicle excise duty at 3p per mile for electric cars and 1.5p for plug-in hybrids."

Reeves says this will enable the government to double road maintenance funding in England, and offer a further £200m for a rollout of electric vehicle charging points.

In recent weeks the government has said it wanted a "fairer system for all drivers", pointing out fuel duty covered petrol and diesel but there was no equivalent for electric vehicles.

Image source,Getty Images

The government will introduce "permanently lower tax rates" for more than 750,000 retail, hospitality and leisure properties, Reeves tells the Commons.

The move will be funded through higher rates on properties worth £500,000 or more, such as warehouses used by online retail giants.

Now for that announcement on a so-called mansion tax in England.

This will be an annual charge of...

• £2,500 for properties worth more than £2m
• £7,500 for properties worth more than £5m

Reeves says this will be levied on owners and collected alongside council tax.

She says that this new surcharge will raise over £400m by 2031 and will be charged on fewer than the top 1% of properties.

Image source,Getty Images

Income tax thresholds frozen for a year longer than expectedpublished at 13:27 GMT

13:27 GMT

Dearbail Jordan
Senior business and economics reporter

The freeze on tax thresholds that Reeves has just announced is not a surprise.

What is a shock is that it will remain in place for three years instead of the forecast two years.

That'll mean that by the time we get to 2031, tax thresholds will have been frozen for nearly a decade. The freeze was first announced by Conservative former Chancellor Rishi Sunak back in 2021.

Reeves had previously criticised the freeze. When in opposition, she accused the Conservatives of "picking the pockets" of working people.

The OBR estimates that 780,000 more people will be brought into paying income tax in 2029-30, largely as a result of the extensions to the freezes.

We are "asking everyone to make a contribution", Reeves says as she confirms that income tax and National Insurance thresholds will remain frozen at their current level until 2031.

As a reminder, the previous Conservative government froze thresholds from 2021 to 2028, so it's being drawn out for an extra three years.

"I know that maintaining these thresholds is a decision that will affect working people," she says.

Reeves says the Motability scheme has confirmed that it will remove luxury vehicles.

This will bring the scheme "back to its original purpose", the chancellor says, of offering "cost-effective leases to disabled people".

Joe Pike
Political & Investigations Correspondent, reporting from the Commons

Labour MPs gave Rachel Reeves a loud and sustained cheer as she stood up to deliver her Budget speech.

They are at their loudest when the chancellor blames the Conservatives for the state of the UK economy.

However weeks of policy leaks to the media - plus today’s extraordinary accidental early publication of the OBR forecasts - mean the usual element of surprise has completely disappeared.

From my seat in the Commons press gallery, I have spotted lots of MPs studying the OBR's graphs and tables on their phones.

They are reading Reeves’s Budget plans long before she actually announces them.

It is a bizarre and slightly farcical situation, and has left some on the Labour benches looking a little subdued.

Reeves announces the government is to fund a new "youth guarantee" which she says will provide £820m over the next three years.

The chancellor says that the Labour government has brought back face-to-face assessments for disability benefits.

Changes made to universal credit "will get 15,000 people back into work", she says.

Reeves says she's announcing funding to make training for people under-25 on apprenticeships free for small and medium-sized enterprises.