Labour's first budget since taking power will be unveiled on Wednesday, October 30, by Chancellor Rachel Reeves. Here are the predictions so far.
Labour's first budget since they came into power will be unveiled on Wednesday 30 October – and predictions look pretty gloomy. The government's economic plans for the country in the year ahead will be announced in parliament by Chancellor Rachel Reeves.
And we'll learn what’s going to happen to everything from fuel duty to income tax, benefits and even the cost of a pint. Predictions are that chancellor Rachel Reeves will announce tax changes to try and plug the £22billion black hole in the country’s finances. A row erupted at the end of July, just after Labour had been elected, when seven Labour MPs were suspended for backing an SNP amendment demanding the policy is withdrawn.
Pensions Labour previously said it would reintroduce the Lifetime Allowance for pensions, which caps the total amount you can save into your pot tax-free. Inheritance tax It is widely expected that the Chancellor will announce changes to inheritance tax in her Autumn statement.The standard rate for inheritance tax is 40%. However, there is speculation that the government might increase the rate, or the thresholds could be lowered, meaning more people would be subject to the tax.
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