Rishi Sunak says no ‘magic wand’ to fix cost of living pressures amid economists’ budget warnings – live

Latest updates: chancellor says he was right not to use some of the tools at his disposal to help struggling households

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Responding to the Resolution Foundation report this morning, the shadow chancellor, Rachel Reeves, has said:

Revelations from yesterday’s budget that taxes will be £3,000 more per household than when Boris Johnson became prime minister are staggering.

This is a budget hammering working people, while giving banks a tax cut.

If he is to achieve the ambition he set out at the end of his speech to get taxes down and reduce the size of the state, then he is going to have to come up with some pretty new and radical ways to manage those pressures.

He would be helped by an economy growing rather more enthusiastically than it has managed for some time now.

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