“UK Budget 2024 Explained: Tax Rises, NHS Boost, and What It Means for You | Nova Global Ne” — what this page in the network covers. Chancellor Rachel Reeves has unveiled a landmark Budget, the first from a Labour government in 14 years, and the first ever delivered by a woman. It includes £40 billion in tax rises, with the biggest revenue raiser being an increase in employer National Insurance contributions, which will rise by 1 It includes £40 billion in tax rises, with the biggest revenue raiser being an increase in employer National Insurance contributions, which will rise by 1.2 percentage points to 15% from April 2025.
This move is expected to raise £25 billion a year, but businesses warn it could hit wages and hiring. The Budget also raises capital gains tax, closes inheritance tax loopholes, and ends the non-dom tax status, while freezing fuel duty and cutting draught beer duty by 1p. This listing links straight to the original page, where the content is available in full.