Rachel Reeves’s autumn budget will take place on 26 November

Rachel Reeves has come under pressure from leftwing Labour MPs and campaigners to consider introducing a wealth tax. Photograph: Jane Barlow/PA

Rachel Reeves acknowledged that the UK economy is “not working well enough for working people” as she announced that her second budget will take place on 26 November, amid mounting speculation over tax increases.

The later than usual date will probably lead to weeks of speculation about how the Treasury will raise additional revenue – but the chancellor hopes to use the time to set out new pro-growth reforms.