Britain's finance minister has set out a budget which will increase taxes by £40 billion as she promised to "fix the foundations" of the economy and repair the public finances.

Chancellor Rachel Reeves will deliver her first Autumn Budget to Parliament on Wednesday

Reeves pledged Labour would invest in Britain's "broken public services" which had been hollowed-out by a decade of Tory austerity.

The chancellor Rachel Reeves has also announced plans to compensate victims of the Post Office Horizon scandal and the blood compensation scandal

'Invest, invest, invest'

Chancellor Rachel Reeves made the announcement in the first Labour budget since 2010

Unveiling her Budget today, Ms Reeve said £11.8bn would be put aside for victims of the infected blood scandal, and £1.8bn to victims of the Post Office Horizon scandal.

Draught duty on alcoholic drinks will fall by 1.7%, meaning “a penny off a pint in the pub”, the Chancellor has confirmed

The Chancellor has announced employers' National Insurance contributions are set to rise by 1.2% to 15% from April 2025.

Today marks the first Labour Autumn Budget since the General Election in July. Rachel Reeves is the first female Chancellor in the UK's history

Rachel Reeves delivered her first Autumn Budget as Chancellor today and here’s how people are reacting

Rachel Reeves has announced £40bn in tax rises as part of the autumn Budget, with the Chancellor hiking employers' National Insurance contributions, freezing fuel duty and raising the minimum wage.