Chancellor Rachel Reeves emphasized, "This is a moment of fundamental choice for Britain," declaring a significant turning point in the country’s financial strategy with £40bn in tax hikes.
The budget introduces a major hike on employers' national insurance contributions, increasing it by 1.2 percentage points to 15%, with taxes starting at £5,000 rather than £9,100.
In an unexpected twist, despite raising taxes by £40bn, Reeves confirmed there will be no extension on the freeze of income tax and national insurance thresholds.
The capital gains tax will see an increase, with the lower rate rising from 10% to 18% and the higher rate from 20% to 24%, expected to raise £2.5bn.
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