Chancellor Rachel Reeves set to use famous Budget red box next week

She may be the first woman in British history to have served as Chancellor of the Exchequer, but Rachel Reeves is expected to keep faith with some hallowed political traditions this week.

Not only is she set to hold the famous Budget red box aloft as she stands outside No 11 – she is also expected to use one still bearing the initials 'ER' ('Elizabeth Regina') for the late Queen Elizabeth II.

Sources close to Ms Reeves said that she was likely to use the same 'traditional' despatch case as her Tory predecessor Jeremy Hunt did in March.

Another Government insider said that he presumed the Budget box would be updated at some point with 'CR' ('Charles Rex') for the King.

However, most Ministers have so far been given ministerial red boxes bearing the late Queen's emblem, with only a select few – among them Health Secretary Wes Streeting – getting a new 'CR' version.