Who are the winners and losers from Rachel Reeves' Budget?

The Labour Party has reversed its commitment to provide day-one protection from unfair dismissal, now planning to implement this right after a six-month period, which contradicts its election manifesto. This decision has sparked criticism regarding the party's adherence to its promises.

Chancellor Rachel Reeves announced a budget that includes a £26 billion tax increase and the scrapping of the two-child benefit cap, aiming to address the UK's cost of living crisis. However, the Institute for Fiscal Studies (IFS) has warned that this strategy may be 'fiscal fiction', as it delays the financial impact until just before the next general election in 2029.

A significant overhaul of workers' rights is imminent, raising questions about its potential impact on the workforce and labor market dynamics. This change is expected to reshape the landscape of employment regulations and protections for workers across various sectors.

Chancellor Rachel Reeves's recent budget includes a tax break for wealthy former non-domiciled individuals, significantly reducing their inheritance tax liabilities. Experts indicate that this benefit primarily favors those with assets exceeding £83 million, raising concerns about equity in tax policy.

Businesses in Surrey have expressed mixed reactions to Chancellor Rachel Reeves' recent Budget, which includes significant reforms aimed at addressing the ongoing cost of living crisis. The Budget features a £26 billion tax increase and changes to welfare policies, which have sparked varied responses from local enterprises.

Rachel Reeves, the UK Chancellor of the Exchequer, delivered a pre-budget speech in early November, indicating a potential income-tax rise, despite having received favorable fiscal forecasts that suggested more financial flexibility than anticipated. This unusual approach aimed to prepare the public for significant changes ahead of her upcoming budget announcement.

Chancellor Rachel Reeves announced a series of tax increases in the Autumn Budget, which will affect nearly all taxpayers in the UK. The budget includes a £26 billion tax hike, raising the UK's tax take to an unprecedented 38% of GDP by the end of the parliamentary term, aimed at stabilizing the economy amidst ongoing financial challenges.

Typical gas and electricity bills in the UK are expected to decrease slightly starting in January, following the introduction of a new energy price cap. This change is projected to lower the average annual energy bill by £22, bringing the total to £1,733 according to Cornwall Insight.

Editor’s Note: This change in energy prices is important as it affects household budgets and overall energy affordability. Understanding these adjustments helps consumers plan their expenses better.