Chancellor Rachel Reeves presented her first Budget, warning of 'difficult decisions' while asserting there would be 'no return to austerity', focusing on growth.
To plug a £22 billion black hole, Reeves plans to raise £40 billion through increased employer's national insurance, impacting wages but avoiding direct worker tax hikes.
The budget includes a capital gains tax rise and freezes the inheritance tax threshold until 2023, impacting the financial landscape for homeowners and renters.
Employers' national insurance contributions will rise to 15% in April, possibly leading to smaller pay rises for workers as businesses adjust to increased costs.
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