While speculation is mounting about the tax raids that Rachel Reeves will carry out in her maiden Budget, the Treasury is already on course to borrow hundreds of billions of pounds over the next five years.

The public finances have been put under enormous strain by the costs of responding the triple whammy of the financial crisis, the pandemic and the energy crisis.

British government debt hit 100% of economic output for the first time in recent history and there was another large budget deficit last month, adding to the problems for finance minister Rachel Reeves as she readies her tax and spending plans.

Rachel Reeves is under pressure to re-think the winter fuel allowance cut after the Bank of England threw the Chancellor a lifeline.

Chancellor Rachel Reeves is still expected to press ahead with her plan to cut the winter fuel payment for millions of pensioners despite being handed a £10 billion budget boost by the Bank of England.

Sir Keir Starmer, alongside the Chancellor Rachel Reeves and his deputy PM Angela Rayner, made the bombshell announcement on Friday evening.