The government will reverse a rise in national insurance and scrap a planned increase in corporation tax, which could cost £30bn.

Analysis by the IFS showed tax cuts and increased spending would push government borrowing to £100bn over the year - £60bn above previous estimates in March.

The Bank of England has since raised interest rates by a further 0.5% to 2.25%, taking borrowing costs to their highest level since 2008.

With supply constraints and the war in Ukraine, the inflation rate is 9.9%, the highest rate in 40 years.

Policy interventions include promises of tax cuts, which could include a temporary VAT cut to 15% and a 1p reduction in the basic rate of tax to 19%.