Labour's first budget since 2010 includes £40bn worth of tax rises and spending cuts across government - as well as promises to invest in infrastructure and support working people with higher wages.
The budget will increase taxes by £40bn, with the lion's share coming from a £25bn rise in employers' national insurance contributions, the chancellor announced at the budget. Rachel Reeves said the amount businesses will pay on their employees' national insurance contributions will increase from 13.8% to 15% from April 2025. She also lowered the current £9,100 annual tax free threshold to £5,000, in what she called a 'difficult choice' to make.
7% - 1p off a pint • HS2 will go to Euston in central London • Every government department must make 2% cuts by next year • £22.6bn extra for the NHS' day-to-day health budget, £3.1bn more for the capital budget • £2.3bn for schools to hire teachers next year, £6.7bn for the schools capital budget • £2.9bn for Armed Forces next year • £500m increase in road budgets next year.
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