These are the main points from Chancellor Rachel Reeves budget, some of which had been trailed well in advance:

• The two-child benefit cap is to be scrapped.
• A freeze on income tax thresholds is to be extended by a further three years, meaning millions will pay more.
• There is to be no change in the basic or higher rates of income tax, in National Insurance payments or in the rate of VAT.
• A new property tax will be levied on homes worth more than £2 million, with a higher rate for those worth over £5 million, a move expected to raise £400 million a year.
• Gaming duty is to be raised sharply for online and remote gambling, from 21 per cent to 40 per cent, but bingo duty is to be abolished.
• The freeze on fuel duty is to be extended, but there is to be a new excise duty on electric vehicles of 3p per mile.
• The basic state pension is to rise by 4.8 per cent.
• The minimum wage for 18-20-year-olds is to raise from £10 to £10.85, while the national living wage will go up from £12.21 to £12.71, increases of 8.5 per cent and 4.1 per cent respectively, as recommended by the Low Pay Commission.
• Household fuel bills are to be cut by £150 a year through scrapping Tory levies.
• Rail fares are to be frozen for the first time in 30 years.
• There is to be a £2,000 cap on salary sacrifice schemes, after which tax will be paid at the same rate as other pension contributions.
• There will be £300 million invested in new technology in the NHS, with 250 new health centres to be opened in communities.
• NHS prescription costs to be frozen for another year, with an extension of the tax on sugary drinks to include milkshakes and lattes.
• Local and regional mayors to get tourism tax powers.
• Inflation is coming down faster than forecast, meaning it will be 0.4 per cent lower next year than anticipated.
• Taxes on landlords and savers to rise by 2 per cent to equalise with income tax.