Intro

Mansion tax, gambling tax, milkshake tax, scrapping the two-child benefit cap – today we finally get all the details of the most trailed budget in political history. 

So, who is the 2025 Rachel Reeves budget for and why?

Sam and Anne assess how MPs and the markets will feel against voters and businesses. 

Politically, the giveaways look like they’re worth every penny – but, ultimately, it’s a tax raising budget that will hit everyone somehow. 

There are two episodes for budget day - Debrief on what’s happened in the budget without episode out around 6.30pm on Wednesday.