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Newspaper headlines: 'High welfare, high tax' and 'Budget goes as billed'

"Chancellor wallops workers", declares the Sun, while the Times opts for "high welfare, high tax", as the front pages deliver their verdicts on the Budget. Contained in what the Daily Telegraph describes as a "red box of broken promises", the paper says Rachel Reeves delivered a £30bn package of tax increases "largely targeting the middle classes". The Daily Mail is damning, accusing her of "spiteful raids on strivers – to lavish billions on benefits street".

The Guardian quotes the chancellor's words at the despatch box: "I am asking everyone to make a contribution" in its headline. The Daily Mirror's assessment is that it was a Budget "with a Labour heart", praising the decision to end what it calls the "cruel" two-child benefit cap. The i Paper and the Financial Times are among the front pages to highlight one of the risks of Ms Reeves' plan, with both quoting analysis from the Institute for Fiscal Studies that she has opted for a "spend now, pay later" approach.

Reeves: working people will pay ‘a bit more’ through income tax threshold freeze; OBR chief ‘mortified’ by leak – business live

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

It’s the morning after the budget, a time when the real story behind the fiscal event often emerges.

And today, the Resolution Foundation is warning that the job of repairing the UK’s public finance is “far from complete”, and that major tax rises and cuts to public services are coming down the line.

The think tank has issued its overnight analysis of Rachel Reeves’s budget, which shows that pre-election austerity and tax rises are both pencilled in.

UK government unveils budget aimed at stabilising economy

Britain's Chancellor Rachel Reeves has handed down a high-stakes national budget overnight, which the government hopes will boost economic growth, reduce child poverty and ease cost-of-living pressures.

Ms Reeves is under pressure from within her own party and from the business sector after weeks of government leaks, policy backflips and internal disputes over welfare and income tax.

Analysts warn the budget may not be enough to restore confidence, with fears that sluggish growth and rising debt could undermine the government's plan.

People cross the Westminster Bridge in the rain, in London, Britain, August 29, 2025.(Reuters: Jack Taylor)

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