Rachel Reeves has announced a series of changes to tax and spending in her first Budget as chancellor. The chancellor laid out how she would raise £40 billion a year in extra taxes during her speech to MPs in the House of Commons on Wednesday afternoon.
Ms Reeves said the measures were necessary to address the “black hole” in the public finances left by the Tories while pumping billions into schools and hospitals. READ MORE: Chancellor announces HUGE pay increase for Britain's youngest low-paid workers READ MORE: ‘At last, a proper government’: Readers react to Budget 2024, but some aren't happy Announcements included a 6.7 per cent hike to the minimum wage and a 4.1 per cent increase for people on state pensions.
Ms Reeves also committed to freezing fuel duty for an extra year and announced a new tax of vaping set to come into force in 2026.
The chancellor maintained her promise not to hike taxes for working people, but confirmed plans to hike employers’ national insurance contributions and increase capital gains tax.