Three things we’re looking out for on Budget daypublished at 11:22 GMT
11:22 GMT
Thomas Copeland
BBC Verify Live journalist
Our fact-checking team has been busy preparing for Budget day. Here’s what they’re keeping an eye out for today:
Will income tax thresholds be frozen?
It’s being reported that Chancellor Rachel Reeves will freeze income tax thresholds for another two years which would raise about £8bn a year.
As people’s salaries go up they move into new tax bands and pay a higher rate – it’s often described as a “stealth tax”.
However, when the then-Chancellor Jeremy Hunt froze thresholds in 2022, Reeves criticised his decision, saying: “the Conservatives have picked the pockets, purses and wallets of the entire country”.
Wealth tax chat
Expect to hear some talk today – from the Green Party in particular – about the need for a wealth tax – a new annual tax on the value of people’s assets, including things like property.
But many independent tax analysts have questioned how such a tax could be successfully implemented – given that the very rich might move countries or shift the make-up of their wealth to avoid it.
A lift to the two-child benefit cap?
We’ve been reporting on some evidence that suggests that the Conservatives’ decision to cap benefits for families with more than two children has pushed up child poverty.
While Labour’s election manifesto did not explicitly mention the cap it promised “an ambitious strategy to reduce child poverty”.
We’ll be listening out to see if the cap is scrapped by Rachel Reeves – it would be popular with many Labour MPs but would come at a cost – an estimated £3.6bn a year.