Budget 2024: Key takeaways as Rachel Reeves reveals £40bn in tax hikes

The UK’s first female chancellor Rachel Reeves has announced tax hikes that will raise an eye-watering £40bn in her historic Budget.

Increases to employers’ national insurance contributions, stamp duty on second homes, and scrapping the VAT exemption of private school fees have all been confirmed, as well as a new duty on vaping and e-cigarettes.

In regards to spending, Reeves promised to invest the money raised into “fixing public services” – including big investments into the NHS, building more homes, and extending HS2 to London Euston.

The Independent takes a closer look at the key takeaways from the historic budget on Wednesday (30 October).