🚨 Autumn Budget Alert! 🚨 Big changes might be coming to your wallet soon as Chancellor Rachel Reeves gets ready to reveal her Autumn Budget on November 26th. Here’s a sneak peek at what could be on the table:
1️⃣ **Income Tax Hikes:** We might see a rise in income tax and a potential 2p cut in national insurance as the government looks to fill the financial gaps. No confirmation yet, but it’s stirring quite the buzz.
2️⃣ **ISA Allowance Cuts:** Rumour has it the annual allowance for Individual Savings Accounts (ISAs) could be slashed by up to half. That means your tax-friendly savings might shrink!
3️⃣ **Fuel Duty Increase:** Buckle up, drivers! The fuel duty freeze might be coming to an end, with discounts potentially being scrapped. This could add 5p per litre to your fuel costs.
4️⃣ **New Charges for Electric Vehicle Owners:** A “fairer system for all drivers” might mean pay-per-mile charges for electric vehicles on the horizon. EV drivers could face 3p per mile charges, echoing costs faced by petrol and diesel vehicle owners.
While the Labour government faces pressure to stay true to its manifesto promises of not raising income tax, VAT, or national insurance, the looming “black hole” in national finances has everyone on edge. Chancellor Reeves is determined to protect families from high inflation and safeguard public services without plunging into austerity. 🌟
Stay tuned for all the updates as these potential changes unfold and get ready to navigate through the twists and turns of how it might affect your finances!
🗣 **What do you think about these potential changes? Share your thoughts below!** 💬✨
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