Rachel Reeves’s budget creates tax break for rich former non-doms

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.

Chancellor Rachel Reeves has presented the UK Budget for 2025, which includes a £26 billion tax increase and increased welfare spending aimed at addressing the ongoing cost of living crisis. This budget is a significant move for the Labour government as it seeks to balance fiscal responsibility with the needs of citizens facing economic challenges.

The UK energy minister, Michael Shanks, emphasized the urgent need for the country to take decisive action to prevent a potential gas supply crisis, which could leave homes and businesses without gas during the coldest days of the year. Advisers have warned that without adequate planning, the UK may face significant shortages by the end of the decade.

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.

The National Union of Students (NUS) has raised concerns over a three-year freeze on the salary threshold for student loan repayments, set at £29,385 from April 2027. This decision, announced in Chancellor Rachel Reeves's budget, could force graduates in low-paid jobs to repay their loans sooner and in larger amounts, potentially impacting their ability to afford basic living expenses.

Campbell's has dismissed Martin Bally, a senior executive, following allegations that he made derogatory comments about the company's products, referring to them as being for 'poor people,' and made disparaging remarks about Indian employees. The comments were reportedly recorded by another employee, prompting immediate action from the company.