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Labour’s £40bn tax increase in Autumn Budget | LBC analysis
Posted
October 30, 2024
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October 30, 2024
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8:20Now PlayingRachel Reeves has announced £40bn in tax rises as part of the autumn Budget, with the Chancellor hiking employers' National Insurance contributions, freezing fuel duty and raising the minimum wage.
Reeves' 2024 Budget - key points at a glance:
- Employers' NI contributions raised by 1.2% to 15%
- Freeze to Fuel Duty
- 1p off a pint at the pub
- National Living Wage to increase from £11.44 an hour to £12.21
- Carer's weekly earnings limit to rise from £151 to £181
- £22.6bn for NHS day-to-day operations
- Lower rate Capital Gains Tax will increase from 10% to 18%
Shelagh Fogarty is joined by Dr Mohamed El-Erian, Chief Economic Advisor at Allianz and Former Deputy Director of the IMF, now President of Queens College, University of Cambridge.
He says the markets will react with both belief and relief as a step towards higher growth as borrowing costs have come down.
Listen to the full show on Global Player
#shelaghfogarty #autumnbudget #ukpolitics #labour #budget #LBC
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