🚨 All of the announcements in Labour's first Budget Tax - £40bn worth  - Lower rate of Capital Gains Tax rises from 10% to 18%; higher rate from 20% to 24%. Rates for residential property remain unchanged - Inheritance tax threshold freeze extended to 2030, after which the first £325,000 of any estate will be taxed at 40% - Inherited pensions will be brought into inheritance tax from April 2027. Exemptions when inheriting farmland to be made more strict from 2026 - Income tax thresholds will not be frozen past 2028 - they will rise with inflation - Income tax and National Insurance rates for employees stay the same - From April, businesses will pay National Insurance on earnings over £5,000 (down from £9,100), with the rate rising from 13.8% to 15% to raise £25bn  - Relief for small businesses as Employment Allowance will increase from £5,000 to £10,500 - 865,000 employers won’t pay any National Insurance at all next year - Tax on private equity managers’ profits rises from up to 28% to 32% from April - Corporation tax rate stays at 25% until the next election for profits over £250,000 - The current 75% discount to business rates - due to expire in April 2025 - will be replaced by a discount of 40% - The non-dom tax regime will be abolished from April 2025 Transport: - Regulated rail fares will increase by 4.6% in March 2025; most railcards will also rise by £5 - The £2 bus cap will increase to £3 starting in January - 5p fuel duty cut extended for another year and fuel duty frozen for next year - Commitment to fund tunneling work for HS2 to reach Euston station - Commitment to upgrade the trans-Pennine rail line from York to Manchester - Air Passenger Duty on private jets will increase by 50% Smoking, vapes, and alcohol: - New vaping tax of £2.20 per 10ml of liquid starts in October 2026 - Tobacco tax to increase by 2% above inflation; 10% above inflation for hand-rolling tobacco - Alcohol tax: non-draught drinks increase by higher RPI rate, draught beer tax decreases by 1.7% - Sugar tax review: government will review sugar tax thresholds and consider applying to milk-based drinks Housing - Affordable homes: budget increased by £500 million through 2026 - Social housing: providers can increase rents above inflation under a multi-year settlement - Stamp duty: second home surcharge in England and Northern Ireland to rise from 3% to 5% - £5 billion pledged to housing - £230 million allocated to tackle homelessness - Right to buy discounts to be reduced - Dangerous cladding: £1 billion to remove cladding from unsafe homes Pay, benefits, and pensions: - Minimum wage for over-21s increases from £11.44 to £12.21 per hour in April - Wage for 18-20 year-olds rises from £8.60 to £10; under-18s and apprentices go from £6.40 to £7.55 - Carers allowance: eligibility expanded to allow carers earning up to £10,000 per year to claim, adding £81.90 weekly for new recipients - Government will publish a “Get Britain Working” white paper designed to get those who are unemployed back to work and reduce the strain on the benefits system - New crackdown on tax avoidance - Universal credit: new "fair repayment rate" lowers debt taken from universal credit from 25% to 15% of the standard allowance - Pension spending: state pension costs projected to rise by 4.1% UK debt, inflation, and economic growth: - Economic growth: OBR predicts 1.1% growth this year, 2% in 2025, and 1.8% in 2026 - Inflation: expected to average 2.5% this year, 2.6% next year, falling to 2.3% by 2026 - Capital spending: £100bn over the next five years, expected to boost long-term GDP by 1.4% Government spending and public services: - NHS funding: £22.6 billion added to NHS operational budget, £3.1 billion for capital investments - Social care: local government to receive £600 million in social care funding - Defence and security: £2.9 billion increase in defence budget next year, plus £3 billion annually for Ukraine support "for as long as it takes" - Departments told to make 2% savings Education: - School rebuilding: 500 state schools to be rebuilt, costing £1.4 billion, plus £300 million annually for maintenance and RAAC repairs - Breakfast clubs: budget tripled to £30 million in 2025-26; core school budget up by £2.3 billion - Further education: £300 million pledged for further education and £1 billion for special educational needs (SEN) students - Private schools: lose business rates relief from April 2025 and will pay 20% VAT on fees from January 2025 Other announcements: - Infected blood scandal: £11.8 billion allocated to compensate victims - Post Office scandal: £1.8 billion for wrongly prosecuted Post Office sub-postmasters - Mineworkers' pension scheme: government to stop receiving surplus funds - An extra £6.6bn for the devolved nations - £3.4bn for Scotland, £1.7 billion for Wales and £1.5bn for Northern Ireland

🚨 The new minimum wages from April 2025 Over 21s: £11.44 > £12.21 - 6.7% increase 18-20: £8.60 > £10.00 - 16.3% increase Under 18s & apprenctices: £6.40 > £7.55 - 18% increase Labour will soon remove the 'discriminatory age bands' so all 18+ workers are paid the same rate

🚨 NEW: The Lib Dems say Keir Starmer's increase to the bus fare cap is a "bus tax" "While this new government has been left to make difficult choices, they cannot allow the burden of fixing the Conservatives’ mess to be on people and small businesses across the country."