Chancellor announces increases in taxation for businesses and the wealthy, and more money for the NHS and schools
Rachel Reeves has announced £40bn of tax rises on businesses and the rich as Labour’s first budget in 14 years sought to reverse more than a decade of decline in Britain’s public services., the chancellor revealed a sweeping package of tax increases she said would be vital to balance the books and turn the page on austerity.
The chancellor said the budget was a fulfilment of a promise to shield working people from tax rises, adding that they would “not see higher taxes in their payslips as a result of the choices that I am making today”. Reeves said she had been urged many times to reverse the final cut the Tories made to Nics for employees, but would not. “That is a promise made and a promise fulfilled.”That meant no tax rises on income, national insurance or VAT.
But departmental spending increases will be capped at 1.5%, lower than the 2% expected, meaning some unprotected ministries including the Home Office and Department for Transport will have their budgets squeezed.Responsibility said Reeves’s choices meant spending would increase by £70bn a year, and taxes as share of gross domestic product would reach a record high.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Autumn budget live: Rachel Reeves raises taxes by £40bn and increases spending on NHS and schoolsChancellor announces changes to employers’ national insurance contributions, inheritance tax, capital gains tax and other duties
Read more »
US Election 2024 Latest: Trump and Harris enter the final stretch of the 2024 campaignWhat happens in the coming days will be pivotal in deciding the winner of next week&x27;s election.
Read more »
Best laptop deals of 2024: Best Picks unveils the best laptop deals of 20247NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
‘A mess, chaos, carnage’: inside the Labour budget revolt that could define the Starmer-Reeves projectUproar at Treasury demands for departmental savings was overcome last week, but insiders fear benefit cuts will be the next bump in the road
Read more »
How Labour promises have left Rachel Reeves with a giant budget headacheFrustration grows with chancellor locked away in Treasury and facing competing challenges for her historic speech
Read more »
UK economy returns to growth in boost to Rachel Reeves before budgetGDP rises by 0.2% in August after flatlining in June and July but rate of expansion slower than first half of year
Read more »