The Budget revealed yesterday hosted a raft of tax raids but also provided some unforeseen boons for Britons as Rachel Reeves attempted to close the £22billion in public finances.
One such boost was the Chancellor’s commitment to the triple lock.
She said yesterday: "While working-age benefits will be uprated in line with CPI at 1.7 per cent, the basic and new state pension will be uprated by 4.1 per cent in 2025-26.
"This means that over 12 million pensioners will gain up to £470 next year."
She added: "The pension credit standard minimum guarantee will also rise by 4.1 per cent from around £11,400 per year to around £11,850 for a single pensioner."
Reeves also announced a rise in the National minimum wage, carer’s allowance and Universal Credit together with a small cut to alcohol duty and a freeze on fuel duty.
However, the Chancellor confirmed Labour's planned VAT raid on private schools, effective January 2025.
Speaking during the Budget today, Reeves told the Commons: "We will introduce VAT on private school fees from January 2025, and we will shortly introduce legislation to remove their business rates relief from April 2025 too.
She also announced an increase in employers’ National Insurance contributions but has thrown a lifeline to small businesses. Employers will pay an additional 1.2 per cent to 15 per cent, from April 2025.
The secondary threshold – the level at which employers start paying national insurance on each employee’s salary – will also be reduced from £9,100 per year to £5,000. This will raise £25billion per year by the end of the forecast period.
Stamp duty, inheritance tax and capital gains tax have all seen changes.
You can find out how much you are in line to lose, or gain, from the Chancellor's fiscal statement by following the link to GB News’ Budget 2024 calculator HERE.
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