Today, Chancellor Rachel Reeves delivered Labour's first budget in more than 14 years. It follow's the party's return to power in the July general election.
The Autumn Budget 2024 and announced tax rises of almost £40bn. Among the measures are a 1.2 percentage point increase for employers’ national insurance contributions to 15% in April 2025.
The threshold for paying them will fall from £9,100 per year to £5,000. But there will also be an increase to the minimum wage.
And on personal taxes, the Government said it will not extend the freeze on income tax and national insurance thresholds beyond 2027/28. READ MORE: UK Budget 2024 LIVE updates as Rachel Reeves announces changes to tax, benefits and pensions Speaking to the House of Commons this afternoon (October 30), the Chancellor said it would “hurt working people” to keep thresholds frozen.