Five major Budget 2024 tax changes announced and how they will affect you

manchestereveningnews.co.uk:

Chancellor Rachel Reeves said the new Labour Government had to take “difficult decisions” as she announced today’s Budget would raise taxes by £40bn.

She said the “scale and seriousness” of the situation that Labour had inherited from the Conservatives could not be “underestimated” and she was required to take action to restore “stability to our public finances and rebuilding our public services”.

However, in her address to the House of Commons, Reeves promised that working people would ‘not see higher taxes in their payslips'.

This meant no increase in income tax, VAT and employee's national insurance. READ MORE: Sixteen key highlights from Rachel Reeves' Budget 2024 including wage rise and new vape tax But the Chancellor - who spoke of her pride at being the first ever woman to hold the post - did announce some major changes to taxes, including: Reeves announced that national insurance contributions for employers would increase by 1.2% to 15% from April 2025 - which she said would raise £25bn a year for the government.