Reeves refuses to say she will stick to manifesto pledge on tax rises and insists she must face world ‘as it is’ – UK politics live

Chancellor says she is focused on priorities for British people in pre-budget speech laying ground for expected tax rises

• Business live: Pound lowest since April as investors anticipate budget tax rises

Reeves says welfare needs to be reformed.

There is nothing progressive about refusing to reform a system that is leaving one in eight young people out of education, or employment.

I put our public finances back on a firm footing, provided an urgent cash injection into a faltering public services and began rebuilding our economy.

But since that budget, the world has thrown even more challenges our way.