Yesterday Chancellor Rachel Reeves delivered a Budget that will hike taxes by £26 billion and bring a huge change to personal finances up and down the country.
More than 1.7 million people will face paying more income tax after the Chancellor froze thresholds, meaning people will be dragged into paying the tax for the first time or shifted into higher bands as earnings increase. While there is a new “mansion tax” on £2 million homes and above, a pay-per mile charge for electric vehicles, a new national insurance tax on salary sacrifice pension contributions above £2,000 and changes to ISA rules.
Some levies placed on energy bills will go - lowering bills for millions of households by £150 a year, the Chancellor said. While the two-child benefit cap has been scrapped. Increased tax rates on dividends, property and savings income by two percentage points will all be introduced.
We’re joined by The Standard’s Political Editor Nic Cecil with the latest.