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Rachel Reeves announces tax rises amounting to £26 billion as freeze on income tax thresholds is extended

Here's everything you need to know from the 2025 Budget statement

Two child cap on benefits scrapped . The hated policy, introduced by the Tories in 2017, will be removed from April next year. The move is expected to lift 350,000 children out of poverty, including 20,000 in Scotland.

Extra cash for Holyrood . MPs were told an extra £820 million will be allocated to Scotland under the Budget plans. Reeves said: “The benefits of investment and growth must be built, and felt, in every part of our United Kingdom".

Funding for Grangemouth . Low-carbon technologies in Grangemouth, where Scotland's last oil refinery closed earlier this year, will receive £14 million backing,

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