Bloomberg UK Politics
Reeves Goes Big: The Everything Everywhere All At Once Budget
Oct 30, 2024
Dan Hanson, Bloomberg's Chief UK Economist, and John Stepek, 'Money Distilled' columnist, dive into the landmark budget delivered by Chancellor Rachel Reeves. They discuss significant tax changes, including increases in national insurance and capital gains tax, and their implications for businesses and individuals. The pair highlights a massive £100 billion commitment to capital spending, focusing on green initiatives and healthcare. They also analyze the potential effects on small businesses and the economy, while discussing NHS funding increases and fiscal strategies.
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Quick takeaways
- The budget introduces significant tax increases totaling £40 billion, marking the largest tax hike since the early 1990s, especially affecting small businesses.
- A historic commitment of £74 billion in public spending by 2030 aims to stimulate economic growth through infrastructure and green initiatives.
Deep dives
Key Tax Increases in the New Budget
The recent budget announcement included significant tax increases totaling £40 billion, marking the largest tax hike since the early 1990s. Employers’ national insurance contributions are set to rise by 1.2 percentage points, which will impose additional costs on many businesses, especially small ones. Similarly, capital gains tax rates will increase to 24% for higher earners and 18% for lower earners, impacting investment strategies across the financial landscape. The shift in tax policies also includes the phasing out of the non-domicile tax regime, representing a broader effort to close loopholes that benefit wealthy individuals.
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