Rachel Reeves will pledge to 'invest, invest, invest' when she sets out the budget at 12.30pm. While the government has insisted 'working people' will not face tax rises, a number of levies could increase. Listen to Politics At Jack And Sam's below for your essential budget preview.
Chances are you'll hear a lot of financial terms thrown around today as the budget is announced. For those who don't know what every piece of jargon means, we've broken down some key terms for you below, along with some links to fuller breakdowns from our Money team.National insuranceWorkers over 16 start paying 8% national insurance once they earn more than £242 a week or have self-employed profits of more than £12,570 a year.Businesses pay a rate of 13.
The additional rate of 45% kicks in from £125,140.The £12,750 'personal allowance' on which you don't pay any tax diminishes once you start earning £100,000. The personal allowance shrinks by £1 for every £2 earned between £100,000 and £125,140, when it reaches zero. These thresholds have been frozen since 2021-22 and will be until 2028 - with a possible extension today mooted.
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