The Chancellor is said to be planning a ‘steady-as-she-goes’ Budget with some key measures to provide ‘breathing space’ to hard-pressed Brits.

These are expected to include energy bills support for poorer households, a freeze on fuel duty, action to help first-time buyers, and tax relief for smaller businesses.

Minimum wage for young people will get a rise next year – though not by as much as in recent budgets.

Mr Healey is set to bring in cash to fund these moves by launching a fresh raid on banks and a new crackdown on online retailers such as Amazon, eBay and Temu.

But – in contrast to his predecessor Rachel Reeves – he is not thought to be planning any huge tax and spend changes.

Labour promised not to raise VAT, income tax, National Insurance or corporation tax – which account for three-quarters of tax revenues.

A single light remained on inside Number 11 Downing Street, the Chancellor’s residence, at 11:15pm last night.

The Chancellor John Healey’s headline phrase ahead of the budget has been ‘breathing space’.

This has been interpreted to mean he wants to ease the pressure felt by struggling households from soaring costs – such as energy prices.

He has also promised to make the country ‘growth Britain again’, by building confidence in British business.

Mr Healey has said: ‘This Budget is about getting Britain through this difficult moment but it’s also about putting Britain on a future path, a better future path.’

Mr Healey is expected to outline the proposals at approximately 12.30pm on Wednesday in the Commons.

It should take place immediately after Andy Burnham has finished his weekly despatch box showdown with Kemi Badenoch at Prime Minister’s Questions.

Chancellor John Healey will unveil his first Budget today as millions of Britons brace for potential tax hikes and changes to their household finances.

Follow along for all the latest announcements, political reaction and analysis of what the Budget means for your money.