𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

There has been much speculation about what measures Rachel Reeves might announce at this highly-anticipated Budget. 

While the idea of raising income tax has been abandonded, a series of other hikes are expected to introduced by the Chancellor.

There are also warnings that if Ms Reeves introduces, as predicted, a freeze on income tax thresholds then this this could result in more pensioners paying more tax and see them worse off by hundreds of pounds a year.

Here’s what to look out for at Budget:

– Minimum wage increase: Labour has already announced this will increase by 4.1% next year.

– Two-child benefit: The Chancellor is expected to scrap the limit that restricts child tax credit and universal credit to the first two children in most households.

– Tax hike on high-value homes: Its thought a new levy, dubbed ‘mansion tax’, could be applied to some of the most valuable homes. 

– Tourism tax: Visitors to English cities and regions could face paying a new tourist tax to fund local projects. The Government last night said mayors will be given the power to impose a “modest” charge on visitors staying in hotels, bed and breakfasts, guest houses and holiday lets.

– Prescriptions: The cost of an NHS prescription in England will be frozen at £9.90.

– Tax for electric vehicles: The Chancellor is thought to be considering a 3p per mile tax for EVs.

– Sugar tax on pre-packaged milkshakes and lattes: The Health Secretary announced this week that these products will be subject to the sugar tax, ending the exemption for milk-based beverages from the existing tax on sugary drinks.

– Cash Isa limit cut: The Chancellor reportedly could reduce the annual cash ISA limit from £20,000 to £12,000.