Reeves revealed a historic tax increase, aiming to fix public finances and restore services
Chancellor Rachel Reeves has announced a £40 billion tax increase in the first Labour budget since 2010
The budget aims to address a significant "black hole" in public finances left by the Conservatives
Key measures include a £25 billion increase in employers' national insurance contributions and hikes in capital gains tax and tobacco duty
The budget also outlines an increase in the stamp duty surcharge for second homes and the soft drinks industry levy, while maintaining a freeze on fuel duty
Improvements in the carers allowance and a commitment to invest over £5 billion in housing and infrastructure are included
Chancellor Rachel Reeves has unveiled an Autumn Budget that will raise taxes by £40 billion, pledging to “fix the foundations” of the economy and restore public finances.
It marked the first Labour budget since 2010 and the first ever presented by a woman, as Reeves emphasised the need to “invest, invest, invest.”
But the Chancellor also said that the “black hole” left by the Conservatives necessitates tens of billions in additional tax revenue.
Reeves added that the extent of the public spending issues she inherited is more severe than previously anticipated.
She said the £22 billion “black hole” left by the Tories in this year’s finances showed they “hid the reality of their public spending plans”, with problems recurring in future years.
But what does it all mean for you, and will the Budget lead to “more pounds in peoples’ pockets”, as claimed by Reeves?
