RACHEL Reeves is considering cuts to energy bills and rail fares in an effort to “bear down” on the cost of living. The Chancellor said that targeted action at the Budget would be used to

Rachel Reeves has acknowledged that UK banks face higher taxes than in some rival jurisdictions as she vowed to maintain a “competitive environment” in the face of heavy lobbying from banks not to launch a fresh tax raid.

She also posted a furious tweet, ranting: "It is @RachelReevesMP who created the fear of her budget. The first budget did real damage, then she flew the kites about her next budget in early summer, while setting a late November date, now she is complaining at the appalling impact it has had. Really?!"

The Chancellor acknowledged she was looking at potential tax rises and spending cuts to plug gaps in her autumn budget, which she said had appeared due to the lingering impact of Brexit

Some Universal Credit claimants may see a significant increase in payments due to proposed changes by the Government. Ahead of next month's budget announcement by Chancellor Rachel Reeves, there are indications that she plans to lift the two-child benefit cap instituted by the Conservative Government.

A Tory peer has accused Rachel Reeves of using Liz Truss as a scapegoat for her handling of the economy. The Chancellor cited the former Conservative prime minister’s disastrous mini-budget as one factor that has “weighed heavily” on the UK economy as she looks to plug a black hole in public finances, estimated to be as much as £50 billion.

British finance minister Rachel Reeves said on Thursday she would like to have a bigger fiscal buffer to cope with volatile global markets but creating one in her budget next month would involve tough trade-offs.