Rachel Reeves Unveils Historic Labour Budget With Major Tax Reforms
The first Labour budget in 14 years introduces £35bn in tax hikes and investment plans to drive economic growth and public service improvements.
- Chancellor Rachel Reeves announces significant tax increases, including capital gains and VAT on private school fees, to address a £40 billion funding gap.
- The budget includes a 6.7% rise in the national minimum wage to £12.21, aiming to improve living standards despite concerns from businesses about investment impacts.
- Pensioners face potential cuts, with winter fuel payments restricted and discussions on reducing the tax-free pension lump sum from £268,275 to £100,000.
- Reeves pledges increased spending on the NHS, affordable housing, and rebuilding schools, emphasizing investment as the path to economic stability and growth.
- The Labour government plans to maintain military spending at 2.3% of GDP while reallocating funds to replenish weapon stockpiles and support soldier pay raises.
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