{"id":120270,"date":"2024-10-31T02:01:45","date_gmt":"2024-10-30T19:01:45","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=120270"},"modified":"2024-10-31T02:01:45","modified_gmt":"2024-10-30T19:01:45","slug":"uks-labour-government-raises-taxes-by-40bn-pounds-in-first-budget-business-and-economy-news","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=120270","title":{"rendered":"UK\u2019s Labour government raises taxes by 40bn pounds in first budget | Business and Economy News"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"\">\n<p class=\"article__subhead\"><em>Finance minister Rachel Reeves has said the tax hike will be used to fund public services and bolster public finances.<\/em><\/p>\n<\/div>\n<div aria-live=\"polite\" aria-atomic=\"true\">\n<p>British Chancellor of the Exchequer Rachel Reeves has told lawmakers that taxes will rise by 40 billion British pounds ($52bn) in order to plug a hole in the public finances and provide new funding for the United Kingdom\u2019s cash-starved public services, in a wide-ranging budget statement that could set the tone for years to come.<\/p>\n<p>In the Labour Party\u2019s first <a href=\"https:\/\/www.aljazeera.com\/news\/2024\/9\/22\/uks-starmer-under-pressure-over-economy-as-labour-conference-begins\">budget<\/a> since returning to power earlier this year after 14 years in opposition, Reeves said she was also changing the UK\u2019s rules so the government can \u201cinvest, invest, invest\u201d and spur economic growth.<\/p>\n<p>Her biggest cash commitment was an additional 25 billion pounds ($32.5bn) for the country\u2019s National Health Service, which has seen waiting lists rise to record levels in the wake of the coronavirus pandemic.<\/p>\n<p>\u201cThe choices that I have made today are the right choices for our country,\u201d Reeves said at the end of her statement on Monday. \u201cTo restore stability to our public finances. To protect working people. To fix our NHS. And to rebuild Britain.\u201d<\/p>\n<p>Reeves said the tax hike, which in large part comes from an increase in the tax businesses pay for employing people, is needed because of the economic \u201cblack hole\u201d left by the previous Conservative government.<\/p>\n<p>Her centre-left party was elected on July 4 after promising to banish years of turmoil and scandal under Conservative governments, get Britain\u2019s economy growing and restore frayed public services.<\/p>\n<p>Reeves has said she will not let public debt balloon, mindful of how former Conservative Prime Minister Liz Truss sent the bond market into a tailspin two years ago with unfunded tax cut plans.<\/p>\n<p>She also announced that she would raise the rate of social security contributions paid by employers by 1.2 percentage points to 15 percent from April next year, and lower the threshold at which firms start to pay it \u2013 moves which would raise an extra 25 billion pounds ($32.5bn) a year over five years\u2019 time.<\/p>\n<p>Company bosses have warned that higher taxes on them, combined with planned new protections for workers and an increased minimum wage, could undermine Labour\u2019s promises to turn Britain into the fastest-growing Group of Seven economy.<\/p>\n<p>Reeves announced a string of other revenue-raising moves including changes to the tax rules on capital gains and inheritances and tax paid by private equity executives and non-domiciled residents.<\/p>\n<p>Prime Minister Keir Starmer had warned \u201cthose with the broadest shoulders\u201d would have to pay more tax.<\/p>\n<p>But Reeves ruled out making more individuals pay basic and higher income tax rates after a freeze on the threshold for payments expires in the 2028-29 tax year.<\/p>\n<p>She also extended a freeze on fuel duty and cut a tax on draught beer served in pubs.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.aljazeera.com\/news\/2024\/10\/30\/uks-labour-government-raises-taxes-by-40bn-pounds-in-first-budget\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance minister Rachel Reeves has said the tax hike will be used to fund public services and bolster public finances. British Chancellor of the Exchequer Rachel Reeves has told lawmakers &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=120270\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-120270","post","type-post","status-publish","format-standard","hentry","category-world","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=120270"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120270\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=120270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=120270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=120270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}