Economists have cautioned that interest rates are expected to decrease at a slower pace following the Budget, due to financial policies affecting mortgages, wages, and inflation.

Chancellor Rachel Reeves has announced a substantial £40 billion tax increase aimed at boosting investment and growth, with measures affecting National Insurance contributions, capital gains, and inheritance tax, while also promising future investment in healthcare, education, and infrastructure.

Chancellor Rachel Reeves has announced a 6.7% wage increase for lower earners starting in April, while many will face increased taxes as part of the new financial plans to address the budget shortfall.