Budget 24: how will Labour’s £40bn tax rises & huge spending plans impact me?

Chancellor Rachel Reeves has announced £40billion of tax rises in Labour’s first budget for nearly 15 years.

In a 77-minute speech before a packed House of Commons, the UK’s first female Chancellor of the Exchequer announced massive tax hikes to help “fix the foundations” of the economy.

Reeves plans to raise £25 billion from employers’ national insurance contributions plus increases to capital gains tax, while also making changes to inheritance tax and stamp duty.

Billions of pounds in public funding was also pledged for the NHS, schools building, the national minimum wage, GB Energy, HMRC reform, cladding removal, defence and compensation for victims of the infected blood and Post Office Horizon scandals.

In a boost for London, the Chancellor confirmed that HS2 would be extended via tunnelling to London Euston.

It is all part of the government’s plan to tackle the so-called “£22bn black hole” in the public finances.

But the opposition Conservatives accused Labour of breaking manifesto pledges. 

We’re joined by Parliament by The London Standard’s political editor Nicholas Cecil.

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