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We are very close to Rachel Reeves finally presenting the first budget of this government.

You’ll be able to watch and follow live on Sky News platforms, including here in the Politics Hub.

Here’s what we expect.

No increases in income tax, national insurance or VAT

Labor ruled out increases in income tax, national insurance and VAT in its pre-election manifesto, pledging to protect “working people” – although the question of who it defines as a “working person” has been called into question.

The chancellor is also expected to extend the freeze on income tax margins for two years until 2030, after the previous Conservative government froze them until 2028.

Increasing employers’ national insurance

The amount employers pay into National Insurance is to rise by two percentage points and the money will be used in part to help reduce NHS waiting lists.

A government source told Sky News: “There is a general consensus that the NHS needs more money.

“It means asking business to help.”

dwelling

The government has confirmed a significant increase in affordable housing.

It said £500m of new funding would be made available to help build up to 5,000 social homes and bring total investment in housing supply to £5bn under the Affordable Housing Programme.

£1.4 billion for crumbling schools

The chancellor has promised her budget will include £1.4 billion to rebuild failing schools.

She said children “shouldn’t have to suffer” as a result of a drain on the UK public purse, while economists said the funding would generally ensure existing plans were carried out rather than pay for many new initiatives.

Funding for kindergartens, breakfast clubs and childcare

The Treasury has confirmed that £1.8bn will go towards expanding the state-funded childcare system, with a further £15m to fund capital funding for school nurseries.

The Treasury said the first phase of the plan would pay for 300 new or expanded nurseries across England.

Ms Reeves also said she would “triple” investment in free breakfast clubs to £30m in 2025-26 after she announced at Labor party conference in September £7m in 750 schools starting in April.

The VAT exemption for private schools will be abolished

Labor has long made clear its plans to scrap VAT exemptions and benefits for private schools in a bid to fund 6,500 new teachers in state schools.

Details of the government’s assessment of the expected impact of these policy changes will be published after the budget is released on 30 October.

That’s just two months before the policy is set to take effect on Jan. 1, 2025, but military families, many of whom send their children to private boarding schools because they could be immediately sent overseas, are now expected to be dismissed

£2 change per bus fare

From 1 January 2023, bus fares will be capped at £2 on over 4,600 routes in England.

Hundreds of operators outside London were part of the scheme, which was worth around £500m.

But the limit, which currently has to remain in place until at least December 31, is set to rise to £3.

Billions will be allocated to the NHS

The government is expected to provide up to £10 billion for the NHS, mainly to help it cope with the rise in post-Covid waiting lists, which are currently at a record 7.6 million, and to deliver on its promise to another 40,000 hospital admissions per week.

Health Secretary Wes Streeting said last week that he had agreed an NHS funding plan with the chancellor, but noted that the funds would not actually be available for more than six months.

“Investments in the budget that come in the new fiscal year in April, so it’s spring,” he said.

Extension of care assistance

Ms Reeves is expected to raise the limit people can earn before losing Carer’s Allowance from £151 a week to £181.

This would mean tens of thousands of carers who are currently ineligible would receive an extra £81.90 a week under the scheme.