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Rachel Reeves set to announce 拢3bn armed forces boost today

Chancellor Rachel Reeves is set to announce a boost in the defence budget later today, which will be backdated to April and see soldiers given a pay rise

Chancellor of the Exchequer Rachel Reeves(Image: Leon Neal/Getty Images)

The armed forces are set to receive a £3 billion boost, as reported, when Rachel Reeves unveils the Labour Government's first Budget. The Chancellor is expected to announce an increase in the defence budget for next year in her fiscal statement in the Commons on Wednesday.

Part of the funding will be used to give soldiers a pay rise backdated to April, while the remainder will be allocated to replenish depleted stockpiles of weapons, partly due to donations to Ukraine.

However, the Budget will not include a plan to increase defence spending to 2.5% of national economic output, as demanded by the Tories.

As the 海角视频's first female Chancellor, Ms Reeves will make history when she delivers the Budget on Wednesday. In her speech, she is expected to highlight the "immense" opportunities available and outline new funding to reduce hospital waiting lists, increase affordable housing, and rebuild deteriorating schools.

A file image of a Merlin helicopter(Image: Getty)

Ms Reeves will emphasize the importance of improving living standards, stating: "More pounds in people's pockets. An NHS that is there when you need it. An economy that is growing, creating wealth and opportunity for all. Because that is the only way to improve living standards."

Drawing on the legacy of previous Labour governments under Attlee, Wilson, and Blair, Ms Reeves will note that it is "not the first time that it has fallen to the Labour Party to rebuild Britain". In light of recent fiscal developments, the Chancellor has signalled that despite envisaging tax hikes and borrowing boosts, these measures might not sufficiently tackle "14 years of damage" to the NHS, despite plans underway to inject billions of pounds into the health system.

In parallel with its Budget scrutiny, the fiscal oversight body, the Office for Budget Responsibility (OBR), is slated to issue a report on the Tories' tenure in power, expected to explain the £22 billion discrepancy in public accounts widely referred to as the "black hole".

Challenging the findings, Shadow Chancellor Jeremy Hunt has taken exception in a communique to senior civil servant Simon Case, condemning the OBR's potential incursion into partisan debate and alleged departure from proper procedure.