Chancellor John Healey will deliver his first Budget today, promising to give businesses and households "breathing space" from rising costs while pushing to bring energy costs down.
In a video message released before the statement, Mr Healey said the Government would stick to Labour's self-imposed fiscal rules in a bid to ease the cost of living "responsibly".
He said: "Breathing space for today and fresh hope for the future. That's what today's Budget will deliver."
Targeted support and energy plans
He added: "This Budget is designed to give households breathing space from some of the everyday costs, provide targeted support for businesses and self-employed people, and to start the long-term action needed to get energy costs down for good."
It has been reported that Mr Healey will announce a rise in the minimum wage by nearly 4%, while ending the trend of hiking the national minimum wage for those aged 18 to 20 by more than the rate for older workers, raising it instead roughly in line with the rate for over 21-year-olds.
Fuel duty and standing charges
He is also reportedly set to cancel January's planned increase in fuel duty. Prime Minister Andy Burnham has already told the Chancellor and Energy Secretary Miatta Fahnbulleh to look at scrapping standing charges from gas bills.
The Budget will be delivered in the House of Commons at around 12.30pm. BusinessLive will bring the latest news before, during and after the speech, and will watch Mr Healey's speech live with business leaders to see how they digest the news.
