Reeves to promise ‘wealth and opportunity for all’ in major tax-raising budget

Having announced minimum wage boost, chancellor to say she can spare working people from tax rises

The UK's national minimum wage is to rise by a higher than expected 6.7% next year, Rachel Reeves has announced before a multi-billion pound tax-raising budget designed to act as the springboard for a decade of national renewal.

Insisting that the increase to 12.21 in the pay floor marks a significant step in Labour's plan to support the low paid, the chancellor will also say she can spare working people from the tax increases intended to plug the hole in the public finances and avoid a fresh wave of found of public spending cuts.