Rachel Reeves has delivered the Labour Party’s first budget in 14 years.
As Britain’s first female Chancellor of the Exchequer, this is Britain’s first ever budget to be delivered by a woman and marks the first from the new Labour government led by Keir Starmer.
A £40 billion rise to tax was announced by Reeves as well as increases to minimum wage, compensation for victims of the infected blood scandal as well as the post office scandal, were announced and financial discrepancies allegedly left by the Conservative government were also mentioned.
The amount employers contribute to National Insurance will also increase. The rate will rise to 15%.
On the measures, she said, “I know that this is a difficult choice. I do not take this decision lightly.. we are asking businesses to contribute more, and I know that there will be impacts of this measure felt beyond businesses too..but in the circumstances that I have inherited, it is the right choice to make.”
Other outline changes include a new VAT tax on private school fees, a continued freeze on fuel duty and more taxes on tobacco as well as vapes.