SNAP POLL: Has Labour's Budget been good for you?
Rachel Reeves announced her Government-defining Budget this afternoon
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Britain's first female Chancellor announced her momentous budget this afternoon after months of intense speculation and doom mongering over the state of the nation's finances.
Rachel Reeves again blamed the Conservatives for leaving a "£22billion black hole" in the nation's finances, before announcing a range of measures to raise money including many tax rises.
The Chancellor has prioritised growth, stating: “Economic growth will be our mission for the duration of this Parliament”.
Some headlines include:
- Capital Gains tax will be increased from 10 per cent to 18 per cent in the lower bracket and 20 to 24 per cent in the higher bracket.
- Employers' National Insurance Contributions will rise by 1.25 per cent
- Duty on alcohol will fall, but levies on Tobacco and soft drinks will increase
- An increase to air passenger duty
- Pensions will be subjected to inheritance tax from 2027
GB News wants to know what YOU think of the budget.
Speaking to the Commons today, Rachel Reeves said: "My belief in Britain burns brighter than ever and the prize on offer is immense.
“As the Prime Minister said on Monday, change must be felt: more pounds in people’s pockets, an NHS that is there when you need it, an economy that is growing, creating wealth and opportunity for all because that is the only way to improve living standards.
“And the only way to drive economic growth is to invest, invest, invest.
“There are no shortcuts and to deliver that investment we must restore economic stability and turn the page on the last 14 years.”
Rachel Reeves is currently introducing her budget in the Commons. Updates will follow.
