Rishi Sunak’s budget ‘hammers’ working people while giving banks a tax cut, says Labour – as it happened

Shadow chancellor Rachel Reeves says Resolution Foundation report shows this is an out-of-touch, high-tax, low-growth budget'. This live blog is now closed - please follow the global Covid live blog for coronavirus updates

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Responding to the Resolution Foundation report this morning, the shadow chancellor, Rachel Reeves, has said:

Revelations from yesterday's budget that taxes will be 3,000 more per household than when Boris Johnson became prime minister are staggering.

This is a budget hammering working people, while giving banks a tax cut.

If he is to achieve the ambition he set out at the end of his speech to get taxes down and reduce the size of the state, then he is going to have to come up with some pretty new and radical ways to manage those pressures.

He would be helped by an economy growing rather more enthusiastically than it has managed for some time now.