We are agonisingly close to Rachel Reeves finally delivering this government’s first budget.

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

Here’s what we’re expecting.

No rises to income tax, national insurance or VAT

Labour ruled out increasing income tax, national insurance and VAT in its manifesto before getting elected, promising to protect “working people” – though who they define as a “working person” has come into question.

The chancellor is also expected to prolong the freeze on income tax thresholds by two years to 2030 after the previous Conservative government froze them until 2028.

Employers’ national insurance hike

The amount employers pay in national insurance is set to rise by up to two percentage points, and the money will – in part – be used to help inject money into cutting NHS waiting lists.

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

“That means asking businesses to help out.”

Housing

The government has confirmed a large boost in affordable housing.

It says there will be £500m in new funding to help build up to 5,000 social homes and bring total investment in housing supply to £5bn as part of the Affordable Homes Programme.

£1.4bn for crumbling schools

The chancellor has promised her budget will include £1.4bn to rebuild crumbling schools.

She said children “should not suffer” due to the UK’s depleted public purse, while economists said the funding would generally ensure existing plans keep going, rather than pay for many new initiatives.

Funding for nurseries, breakfast clubs and childcare

The Treasury has confirmed £1.8bn would be allocated for the expansion of government-funded childcare, with a further £15m of capital funding for school-based nurseries.

The Treasury said the first stage 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 Labour’s party conference in September a £7m trial across up to 750 schools starting in April.

VAT exemption for private schools to be scrapped

Labour have long made clear their plans to scrap the VAT exemption and business rates relief for private schools in a bid to fund 6,500 new teachers in state schools.

Details of the government’s assessment of the expected impacts of these policy changes will be published when the budget comes out on 30 October.

This is only two months before the policy is due to come into effect on 1 January 2025, but it is now expected that military families, a number of whom send their children to private boarding schools because they could be posted abroad at short notice, will be exempt.

Changes to the £2 bus fare cap

Bus fares have been capped at £2 on more than 4,600 routes in England since 1 January 2023.

Hundreds of operators outside of London have been part of the scheme, which has cost around £500m.

But the cap, which is currently meant to run until at least 31 December, is set to be raised to £3.

Billions to be allocated to NHS

The government is expected to put aside up to £10bn for the NHS, largely to help it tackle ballooning waiting lists after COVID, currently at a record high of 7.6 million, and to deliver on their promise of another 40,000 hospital appointments per week.

Health Secretary Wes Streeting last week said he has agreed on a plan for NHS funding with the chancellor – but noted the funds won’t actually be available until six months’ time.

“Investment in the budget, that comes in the new fiscal year in April, so that’s spring,” he said.

Carer’s Allowance expansion

Ms Reeves is expected to raise the limit people can earn before being ineligible for the Carers Allowance from £151 a week to £181.

It would mean tens of thousands of carers who aren’t currently eligible would get an extra £81.90 a week under the scheme.