UK politics: Starmer insists pro-growth policies on way after OBR’s budget warnings – as it happened

Keir Starmer and Rachel Reeves with members of staff, during a visit to University Hospital Coventry and Warwickshire. Photograph: Darren Staples/Reuters

5.32pm GMT

Afternoon summary

• UK government borrowing costs have risen to their highest level this year as City investors bet Rachel Reeves’s budget would lead the Bank of England to adopt a more cautious approach to cutting interest rates.

• Rachel Reeves could need £9bn of further tax increases to avoid a fresh round of austerity for some struggling public services, despite her first budget setting out the largest rise in a generation, the Institute for Fiscal Studies has said.

• Keir Starmer has played down claims from the Office for Budget Responsibility that the budget will do little to boost growth, saying more pro-growth policies are coming. (See 2.19pm.)

• The International Monetary Fund has welcomed the measures announced by Rachel Reeves in her first budget, saying her £40bn of tax rises would boost growth “sustainably”.

• The Liberal Democrats have called on the government to exempt the social care sector from the increase in national insurance in Labour’s budget.

• Ofcom has fined the rightwing broadcaster GB News £100,000 for “breaking due impartiality rules” after an interview with the former prime minister Rishi Sunak earlier this year.

• Voting has closed in the Tory leadership contest, and on Saturday the winner – either Kemi Badenoch or Robert Jenrick – will be announced. As PA Media reports, the two candidates have declared another £112,500 in campaign donations. Badenoch has now received a total of £422,500 in campaign donations, and Jenrick has received £480,000.

Updated at 5.34pm GMT

5.20pm GMT

Tories launch petition against Labour's 'family farm tax'

For 14 years the Conservative party were in government. Now they’re out of office, and a sign of how little power they have is the fact that they’ve been reduced to organising petitions. Earlier this week they presented a petition to the Treasury calling for the winter fuel payment cut to be reversed, and now they are organising one saying farms should remain exempt from inheritance tax.

Steve Barclay, the shadow environment secretary, said:

Labours introduction of the family farm tax marks a shameful betrayal of British farmers everywhere.

It will harm rural communities, risk our food security, and make it harder to pass farms to the next generation.

Farmers toil, day and night, to put food on our tables, and foster our countryside - so I am proud to launch this petition, to fight for our farmers, and call on Labour to ditch this cruel tax.

Perhaps Ed Balls will sign? (See 5.11pm.)