The Latest Breaking News from Budget

THE INDEPENDENT VIEW: Editorial: The chancellor ought to take citizens into her confidence as she ponders her Budget choices. Rachel Reeves needs to explain the trade-offs behind the difficult decisions that she is about to make, if she wants people to support them

COMMENT: I once accused the PM and his chancellor of being too gloomy, writes John Rentoul. Turns out they were not gloomy enough – and they’ll have to lead the nation through another vale of tears

INSIDE WESTMINSTER: After a spending review that came as a relief to many Labour backbenchers, the government must now start making the case for the ‘inevitable’ tax rises in the autumn that will be needed to deliver better public services, says Andrew Grice

Which cities around the world should you be travelling to for luxury on a budget? New research from Hotels.com reveals the most cost-effective destinations to secure a stunning hotel for less

COMMENT: The chancellor’s fiscal headroom is already compromised by her commitment to tackle child poverty, writes Sean O’Grady. So she needs luck – and to be more boring than ever – to raise the revenue she desperately needs

Democrats questioned Treasury Secretary Scott Bessent over the effect of Republicans’ “big, beautiful” reconciliation bill on the debt. 

THE INDEPENDENT VIEW: Editorial: The chancellor has to balance the competing demands of ministers in her spending review but must make sure she keeps Britain’s finances on a secure footing

COMMENT: John Rentoul says Sir Keir Starmer is guilty of Trussonomics, albeit on a smaller scale, making promises without knowing how to pay for them – hoping that the chancellor can sort it out later

COMMENT: In a key speech in Rochdale, the chancellor stuck to Labour’s manifesto pledge not to raise income tax, national insurance for employees and VAT, saying she had ‘absolutely no intention’ of repeating the £40bn tax hike in her first Budget. Her words may well come back to haunt her,…