Labour’s national insurance hike could cost workers hundreds
Hiking employers’ national insurance will likely end up making employees worse off despite the government’s attempts to ensure new taxes do not fall on working people, new research suggests.
Reports indicate that Rachel Reeves is planning to hike employer national insurance by one or two percentage points while also lowering the threshold at which businesses start paying the levy.
HMRC’s projections suggest that a two percentage point hike to employers’ national insurance would raise £18bn.
Reeves to pledge millions for NHS appointments in autumn statement
Rachel Reeves will announce Labour’s first Budget in 14 years tomorrow, leading one of the most anticipated fiscal events in over two decades.
Ahead of her announcement, the chancellor has reportedly signed off an above-inflation six per cent increase to the national wage, boosting the income of millions of workers.
About 1.6 million people are in line to receive the new national living wage of £12.12 and £12.20 from next year, Ms Reeves is expected to reveal tomorrow.
Sharing more positive news on the eve of the Budget, the chancellor has also announced more details of NHS spending, pledging funding for two million extra appointments.
First-time buyers could see huge tax hit under rumored Budget change
First-time buyers could see huge tax hit under changes rumored to be included in the Autumn budget.
It has been rumoured that Chancellor of the Exchequer Rachel Reeves will rule out any changes to stamp duty land tax in the Budget.
Stamp duty land tax currently applies to homes costing over £250,000, but in March 2025, it will drop back to £125,000—the level it was at before temporary changes were made in the 2022 mini-Budget.
There had been speculation that Reeves would freeze the bracket at £250,000, but it’s widely believed the Labour Chancellor has ruled this out.
Autumn Budget 2024: Minimum wage set for above inflation hike
Firms could be set to face higher payroll costs as the minimum wage is reportedly set to increase by more than six per cent at Wednesday’s Budget.
Chancellor Rachel Reeves is expected to announce an above inflation raise that is higher than was predicted last month, according to the Times newspaper.
It will result in more than one million workers on low incomes seeing their pay packet rise to more than £12.12 a hour, the paper reported.
Workers aged 18-20 years old are set for an even bigger hike as the government wants them to eventually be paid the same rate as those aged over 21.