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Thank you for joining The Telegraph’s live coverage of John Healey’s maiden Budget. Here is a summary of Wednesday’s key developments:

The Chancellor launched a £4.3bn tax raid on savers and landlords in his first Budget as the welfare bill continues to spiral

Mr Healey told the Commons that he had delivered a Budget “for the working people of Britain” that would offer “breathing space” and a “clear direction for the future”

Measures included a £100 payment for households in the bottom half of council tax bands to help with energy costs this winter, an extension to the VAT cut on electricity bills to July and a business rates cut for high street firms

Mr Healey confirmed that he would set out a pathway to spending 3pc of GDP on defence by 2030 at next year’s Spending Review, but did not increase the current defence budget beyond an already-announced £4.7bn

Kemi Badenoch, the Tory leader, urged Mr Healey to resign and accused him of “failing his own…