The Latest Breaking News from Rachel Reeves

Rachel Reeves plans a clampdown on the Cycle to Work scheme, with new limits that could cut tax benefits for commuters and raise concerns among workers.

Labour had laid the ground to break a manifesto pledge on taxes for working people but has now made a U-turn

The FTSE 100 index closed down 103.74 points, 1.1%, at 9,807.68.

PM stands by Morgan McSweeney and attempts to draw line under row in which leaks suggested Wes Streeting would launch a leadership challenge

It comes amid concerns about ‘Surrey Hills’ cyclists taking advantage of the scheme

Distilleries say they are ‘on their knees’ ahead of Rachel Reeves’ looming budget

Exclusive: Supporters say grants largely going to middle-class households, but experts warn move will slow transition from gas boilers

Labour chancellor under fire ahead of crunch Budget as new figures show GDP growth has slowed

The UK budget is usually a story of growth forecasts, borrowing levels and fiscal discipline. But ahead of this month’s high-stakes event, growth has been slower than expected. At the same time, as households struggle with living costs, the climate crisis intensifies and inequality persists, growth might seem like too…