Rachel Reeves has delivered her second Budget against a backdrop of weak economic growth, high inflation and tightening household finances. Seeking to raise revenue without triggering an inflation spike, she avoided the previously signalled rise in income tax rates and instead relied on a wide mix of indirect tax changes and frozen thresholds. Measures include new or higher taxes on wealth, property, tourism, gambling and high-sugar drinks, along with a future per-mile charge for electric vehicles. A major welfare change will see the two-child benefit cap scrapped in April 2026, while benefits rise in line with inflation. Business incentives are also adjusted, including changes to capital allowances and dividend taxation. She has also raised the basic living wage significantly: see https://www.bbc.co.uk/news/articles/cn41v89xq4go Critics warn the strategy adds complexity and prolongs record-high tax levels, raising concerns that further tax rises may still be needed. Reeves positioned the Budget as a necessary step to stabilise public finances while supporting workers and the most vulnerable during economic uncertainty.