The Latest Breaking News from Rachel Reeves

THE INDEPENDENT VIEW: Editorial: Labour’s overhaul of the benefits system failed because it was clearly a raid by the Treasury looking for savings at speed. The government should produce a Beveridge report for the 21st century – or risk a future, right-wing government taking up the challenge

Chaotic PMQs sees chancellor upset – reportedly after clash with speaker – as PM fields questions over black hole left by U-turn

Government has double challenge to plug £5bn hole while restoring sense that it retains authority and control

Purchase spares chancellor potential embarrassment of the Spanish high street lender giving up on UK

A sharper fall for the FTSE 250 typified a drab day for more UK-focused stocks.

British Prime Minister Keir Starmer’s office says Treasury chief Rachel Reeves is secure in her job after a series of government U-turns dented her revenue-raising plans

Even Kemi Badenoch was able to land punches after prime minister failed to guarantee Rachel Reeves’s position

Rachel Reeves will mark her first year in office as Chancellor on Saturday

COMMENT: Her filleting of Starmer and Reeves in the Commons is arguably her biggest success since becoming opposition leader. It could silence complaints by her Conservative critics that she lacks the ruthless skills needed to become prime minister, writes Simon Walters.

Home secretary Yvette Cooper said ‘violence and serious criminal damage has no place in legitimate protest’ as she gears up to ban the group

Cost of government borrowing leaps as investors take fright from PMQs, before falling back as No 10 says chancellor staying in post