Labour's Chancellor Rachel Reeves delivered the party's first Budget in 14 years, dominating UK news. Initially reported as a £35 billion tax hike, the figure rose to £40 billion by midday. Reeves emphasized "invest, invest, invest" and blamed Tories for economic failures. The Budget included significant increases in National Insurance for employers and targeted inheritances and entrepreneurs. Economic watchdogs warned of record tax burdens affecting growth and wages. FTSE slumped ahead of the speech, and UK borrowing costs surged afterward. In international news, Spain faced its worst floods in decades, with the death toll rising from 51 to 95 throughout the day. The Spanish government declared three days of mourning as the catastrophe unfolded.