The Mercian

Rachel Reeves is facing mounting criticism after reports emerged of a radical plan to replace stamp duty with a new property levy targeting homes worth over £500,000. The Chancellor has been warned that such a move would risk destabilising the housing market.

Today, the Chancellor Rachel Reeves unveiled fresh public spending cuts in her Spring Statement. Here is a breakdown of the announcement:

Rachel Reeves will deliver her inaugural Spring Statement as Chancellor, unveiling a £2.2 billion increase in defence expenditure.

The UK inflation rate has increased for the second consecutive month, marking the fastest rise since March.