Overview of the Budget Changes

The recent budget introduced by the Labour Party marks a significant financial shift for the UK, with a major increase in taxes totaling around £40 billion. This budget will heavily impact employers, particularly through increases in national insurance contributions, which are effectively taxes on worker salaries. In addition to taxation, there have been changes to capital gains and inheritance taxes, along with new VAT requirements for private schools. Critics argue that while taxes are rising to address a perceived budget deficit, spending in areas like healthcare is also increasing, leading to concerns over long-term economic sustainability.