Budget 2024: Five key tax takeaways at a glance

Rachel Reeves has made history as the first female chancellor to present Labour’s Budget in 14 years, addressing a £22bn ‘black hole’ in public finances left by the previous Tory government. In her hour-long speech, she announced new taxation measures to raise £40bn, the highest since 1993, emphasizing the need for financial responsibility and accountability in government. Key tax rises include a 1.2 per cent increase in employer national insurance contributions, rising from 1.8 per cent to 15 per cent by April 2025.

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