Rachel Reeves will make history as the UK’s first female Chancellor when she delivers the Labour Party's Budget today - follow live updates here
Rachel Reeves will make history as the UK’s first female Chancellor when she delivers the Labour Party 's Budget today - follow live updates hereWhile the chancellor has said that there will be "no return to austerity" she has hinted that there will be "difficult choices" when it comes to spending, welfare and tax.has also promised not to increase the headline taxes on the pay cheques of “working people” - national insurance, VAT and income tax.
Employers pay a rate of 13.8 per cent for workers earning more than £9,100. The money does not come out of an employee's salary but is paid on top. Raising the rate by 1p would raise around £8.5billion for the Treasury. If this was brought in at the current 13.8 per cent, it could raise £17billion. But the speculation has sparked fears employers will cut their staff pension contributions if NICs are introduced on them, reportsRachel Reeves is considering hiking the tax on vaping products alongside tobacco duty in a bid to tackle soaring rates of children picking up the habit.
Ms Reeves is said to be looking at increasing the 40% rate of inheritance tax, as well as considering limiting some of the relief or exemptions on certain inherited assets.There is, naturally, some uncertainty ahead of Labour's first Budget in 14 years.
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