Chancellor Rachel Reeves said the new Labour Government had to take “difficult decisions” as she announced today’s Budget would raise taxes by £40bn.
She said the “scale and seriousness” of the situation that Labour had inherited from the Conservatives could not be “underestimated” and she was required to take action to restore “stability to our public finances and rebuilding our public services”.
However, in her address to the House of Commons, Reeves promised that working people would ‘not see higher taxes in their payslips'.
This meant no increase in income tax, VAT and employee's national insurance. READ MORE: Sixteen key highlights from Rachel Reeves' Budget 2024 including wage rise and new vape tax But the Chancellor - who spoke of her pride at being the first ever woman to hold the post - did announce some major changes to taxes, including: Reeves announced that national insurance contributions for employers would increase by 1.2% to 15% from April 2025 - which she said would raise £25bn a year for the government.
Read more on manchestereveningnews.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.