Rachel Reeves will present her first Budget as Chancellor to the House of Commons on Wednesday amid reports of the tax rises and spending cuts it could contain.The Government said after entering office that it needed to fill a £22 billion "black hole" in the public finances.Ms Reeves is said to have since identified a far larger £40 billion funding gap which she will seek to plug to protect key departments from real-terms cuts and put the economy on a firmer footing.

Rachel Reeves will present her first Budget as Chancellor to the House of Commons on Wednesday amid reports of the tax rises and spending cuts it could contain.The Government said after entering office that it needed to fill a £22 billion "black hole" in the public finances.Ms Reeves is said to have since identified a far larger £40 billion funding gap which she will seek to plug to protect key departments from real-terms cuts and put the economy on a firmer footing.