First female UK Chancellor ready to unveil major tax system changes today
After 3 months in office **Rachel Reeves** prepares to present her first Budget with plans to raise £35bn through new measures. The announcement comes amid inherited £22bn economic gap from previous government
Rachel Reeves takes center-stage today as Britainʼs first-ever lady Chancellor – shes got some big news for tax-payers (and its not looking cheap). Since Labourʼs win back in summer‚ shes been quiet about her plans to fix a £22bn money-hole
The new boss waited longer than most to show her hand: about 4 months – way more than previous governments who jumped right in. During this time shes already made some moves like stopping winter-fuel money for lots of older folks; now theres talk about borrowing up to £50bn which might keep interest-rates up high
National Insurance could see a shake-up: employers might need to pay more than todays 13.8% rate. The income-tax freeze might stick around til 2030 which means more people will end-up paying higher rates because of inflation. For money-makers who sell shares theres news too – capital gains tax could jump from 20% to 24%
The death-tax (as people call it) brings in lots of cash already – like £2.2bn in just three months. Word is Reeves might push it up to 45% and change rules about giving money away before passing. Plus; these changes might hit business-owners hard
- Bus tickets going up to £3 instead of £2
- Fuel costs might rise by 7p per liter
- Gambling places could face new costs
- Minimum wage rising to £12.21 next spring
The stamp-duty break ends soon which means house-buyers will pay more tax – about £2.5k extra for most people. Its gonna be a busy day at Westminster when she steps up to that box at 12:30
