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Every Budget Bombshell You Need to Know as Rachel Reeves Unveils Tax Rises
The Budget includes a mansion tax on homes over £2 million and freezes income tax thresholds affecting 1.5 million workers to raise £26 billion annually for public services.
- On Budget day, Rachel Reeves announced a £26 billion annual tax increase, a mansion tax on homes over £2 million, and the scrapping of the Two Child Benefit Cap.
- Rachel Reeves, Chancellor, froze income tax thresholds until 2030, which the Office for Budget Responsibility estimates will yield 56 billion by 2030–31, due to fiscal pressures.
- Gambling operators will face remote gaming duty rising to 40% and online betting to 25%, while rail passengers benefit from a fares freeze saving 600 million in 2026/27.
- Low-Paid workers and pensioners will see pay and pension increases next year: National Living Wage rises 4.1% to £12.71 for around 2.4 million, and state pensions rise around £550.
- Policy changes are scheduled across multiple years, including ISA cash allowance reforms, mileage charges for electric vehicle drivers from April 2028, and �600 million for local technology improvements.
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Rachel Reeves yesterday delivered her so-called "benefits Budget" - which raised tax by £26billion.The Chancellor’s decisions put Britain on course for a record tax burden as she hiked levies after weaker economic forecasts left holes in her previous spending plans.The increases have been earmarked to pay for increased benefits spending, with Ms Reeves announcing the abolition of the two-child benefit cap, sparking fury from critics across the a…
·London, United Kingdom
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Total News Sources13
Leaning Left0Leaning Right1Center5Last UpdatedBias Distribution83% Center
Bias Distribution
- 83% of the sources are Center
83% Center
C 83%
R 17%
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