Brits seem curiously untroubled by Labour’s Budget – at least for now
Spectator (UK)OCT 20 2024
UK Chancellor Rachel Reeves has announced the Labour Party's first budget since 2010, including £40B (US$52B) in tax rises and £22.6B ($29.5B) in extra day-to-day spending for the National Health Service (NHS).UK Chancellor Rachel Reeves has announced the Labour Party's first budget since 2010, including £40B ($52B) in tax rises and £22.6B ($29.5B) in extra day-to-day spending for the National Health Service (NHS).
Speaking in the House of Commons, Reeves – the UK's first female Chancellor of the Exchequer – stated the "only way" to achieve economic growth was "invest, invest, invest," and claimed she was "restoring stability" public finances and "rebuilding" public services.Speaking in the House of Commons, Reeves — the UK's first female Chancellor of the Exchequer — stated the "only way" to achieve economic growth was "invest, invest, invest," and claimed she was "restoring stability" to public finances and "rebuilding" public services.
Employers' national insurance contributions have been raised by 1.2 points from 13.8% to 15%, effective from April 2025, whilst the contribution threshold has been reduced from £9.1K ($11.8K) to £5K ($6.5K).Employers' national insurance contributions have been raised from 13.8% to 15%, effective from April 2025, while the contribution threshold has been reduced from £9.1K ($11.8K) to £5K ($6.5K).
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