🤑 What’s new with the Budget 2025? Let’s simplify it for you! Rachel Reeves has announced a whopping £26 billion tax hike. With weaker economic forecasts and higher unemployment on the horizon, this budget is all about adjustments. Thousands more people will find themselves in a higher tax bracket due to a freeze on income tax thresholds. 🏦
Trying to make sense of it all? Use our handy gadget to see how these changes might affect your wallet.
Highlights include:
🔹 Income tax and national insurance thresholds are frozen till 2030/31, meaning more folks will pay higher rates as their earnings grow.
🔹 Taxes to hit a record high of 38.3% of GDP by 2030/31 thanks to these hikes.
🔹 A new mansion tax is in place, with mega properties facing hefty new charges.
🔹 Good news! The 5p fuel duty cut sticks around till September 2026.
🔹 However, energy bill savings and a focus on child poverty offer a glimmer of relief.
Yet despite concessions, criticism flies in from all directions. Conservative leader Kemi Badenoch calls it a “humiliation,” while the OBR accidentally spilled the beans early about the plans, making headlines for the wrong reasons.
Stay informed and see how these changes could touch your day-to-day life! 💸 #Budget2025 #TaxUpdate #FinancialNews