Budget 2025: The key points at a glance

Chancellor Rachel Reeves is about to unveil the long-anticipated budget.

However, a report from the Office for Budget Responsibility (OBR) has been published earlier than expected, which analyses policies decided on by the chancellor.

Here are the key points in the budget, according to information in that report:

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Taxes

• Tax thresholds will be frozen for an additional three years

The point at which people start paying higher rates of tax will be held. It can mean earners will be dragged into higher tax bands when they get a pay rise.

• Mansion tax introduced on properties worth more than £2m

It means the most expensive properties in the country, worth more than £2m, will have to pay extra. This will be £2,500 for properties worth £2m to £2.5m and up to £7,500 for homes valued at £5m.

This will raise £0.4bn, the OBR has confirmed.

• New mileage-tax on electric cars

This is expected to raise £1.4bn, according to the OBR report.

• Taxes hiked on gambling

The gambling industry is going to be taxed more, to raise more than £1bn.

Economy

• Prices are expected to rise faster than the OBR thought in March due to higher wages and food costs. Inflation will be 3.5% this year and 2.5% next.

Childcare

• Two-child benefit cap to be scrapped from April

According to the OBR's analysis of the chancellor's budget - yet to be formally announced - this will cost the government £2.3bn.

This currently limits the amount of benefits parents can claim for their third child or subsequent children who were born after 6 April 2017. By scrapping the cap, the government hopes it will have a direct impact on reducing child poverty.