I said this morning that this budget would be important. And that’s exactly what it is.

The Chancellor gave us an early idea of ​​this when she said: “This Budget increases taxes by £40 billion.”

To state the obvious, this is a huge amount of money.

Most of what we heard is very much in line with what we previously reported – with one or two tax increases suggested in some places that aren’t actually happening.

Thus, the payment thresholds for income tax and social security contributions, frozen until 2028, will then be unfrozen.

This is the opposite of what was expected.

Frozen thresholds contribute to what is known as the “fiscal drag” and result in large tax increases – where people can be made to pay tax, or a higher rate, thanks to inflation.

But it’s worth remembering that Rachel Reeves could have unlocked the thresholds before 2028 and chosen not to, and could later choose to maintain the freeze.

The other tax increase that many thought was possible, but didn’t happen, is fuel taxes.

But let’s put both of those things aside: This is a massive tax increase budget.

At the same time, they will spend some of that money – on the NHS and schools in England, for example.

Big taxes, big borrowing and big spending.

But it also forecasts fairly anemic growth and inflation above its 2% target.

The big question remains: Will any of this make enough of a difference for people to think their lives are improving?