Here are the main announcements in Labour's first budget in 14 years.
Chancellor Rachel Reeves has finally unveiled the budget for 2024. Here are the key points: This page is being updated, refresh to see more as it's announced. Follow live budget updates • The budget raises taxes by £40bn. • National Insurance contributions for employers will increase by 1.2 percentage points to 15% from April 2025. The point at which employers start paying NI will fall from £9,100 a year to £5,000 a year. This will raise £25bn by the end of the period.
• People will now be able to earn £10,000 or more while claiming Carers Allowance. This will mean an extra £81.90 for those newly eligible. • The 5p fuel duty will be frozen until next year. • A cut to draft alcohol duty of 1.7%, which could make drinks cheaper by 1p. • The budget for free school breakfast clubs will be tripled to £30m, in 2025 and 2026. The core budget for schools will also rise by £2.3bn next year.
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