This is The Guardian.

Today, a mansion tax and the end of the two-channeled welfare cap.

Is this budget a return to labour values?

Rarely, if ever, has a budget had so much build-up.

For weeks, the signals from the Treasury seemed clear.

As economists predict, she will raise taxes in her budget. Obviously, we'll lay out our plans at the budget.

For weeks, there's been

speculation about what was going to be in it. The threat of a mansion tax on 150,000 homeowners

who could be hit by Labour's proposed mansion tax. And what wasn't? The fresh chatter around a bank

tax, business is watching, house buyers waiting, MPs and ministers bickering.

And behind it all, a government that didn't seem to know itself. At one point, flirting with the idea

of raising income tax, breaking a manifesto commitment... We will all have to contribute to that effort.

Each of us must do our bit. And then stepping back in the face of fierce opposition

from their own backbenches. I think it is really important that we stick to our manifesto and that

we keep the promises that we've made to the public. It all felt shambolic, disorganised, needlessly messy.

That led to this bombshell report we had last night that income tax was being dropped.

Markets did not like that.

Very big drop when we opened this morning after we heard the news about change of policy and yet another U-turn.

And then finally, finally, on Wednesday, Rachel Reeves opened her red box to try and put it all behind her.

But did she do enough to convince voters that she and the government know what they're doing?

From The Guardian, I'm Helen Pitt. Today in Focus. Everything you need to know about Rachel Reeves' second budget.

Heather Stewart, welcome back to Today in Focus.

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