Labour's Budget measures at a glance
Chancellor of the Exchequer, Rachel Reeves, holds up the traditional red ministerial box containing her budget speech, as she poses for the media outside No 11 Downing Street, before departing to the House of Commons to deliver the budget in London, October 30, 2024
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These are the main points announced in the Chancellor’s Budget
Tax: As pledged, there are to be no increases in income tax or VAT. Workers’ National Insurance remains unchanged, but employers’ contribution is to increase from 13.8 per cent to 15 per cent and start on earnings above £5,000, aiming to raise £25 billion a year.
Corporation tax remains unchanged at 25 per cent, but capital gains tax on share sales rises from 20 to 24 per cent. Private equity speculators also see their tax rise by 4 per cent to 32 per cent. The “non-dom” tax loophole for the wealthy is to be abolished.
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In the first of two articles, ROBERT GRIFFITHS argues that despite a parliamentary majority, Labour’s timid Budget fails to seize a historic opportunity and lacks the ambition needed to address Britain’s deep social and economic crises
