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Thursday, February 6, 2025

UK Budget 2024: Key Takeaways

Labour’s first budget since 2010 includes £40 billion in tax rises and spending cuts, with a focus on investing in infrastructure and supporting working people.Employers’ national insurance contributions will increase from 13.8% to 15% starting April 2025, with the annual threshold lowered from £9,100 to £5,000.

This rise is larger than predicted, with the Office for Budget Responsibility warning that most of the burden will be passed on to workers through lower wages and consumers through higher prices.

Other key announcements include:GDP growth forecasts range from 1.1% in 2024 to 1.6% in 2029.Inflation forecasts range from 2.5% in 2024 to 2% in 2029.

Capital Gains Tax rates will increase to 18% and 24%.National Living Wage will rise by 6.7% to £12.21 an hour.

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