Labour Budget 2024: Ask our chief political commentator anything – from minimum wage rise to inheritance tax
How will tax hikes and the rising minimum wage affect your finances? The Independent’s chief political commentator, John Rentoul, is here to answer your questions about Rachel Reeves’ upcoming autumn statement and its potential impact on the economy
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Your support makes all the difference.Welcome to an exclusive Ask Me Anything session with me, John Rentoul, The Independent’s chief political commentator.
Keep scrolling for more. If you want to jump straight to the Q&A click here.
Chancellor Rachel Reeves has unveiled a £40bn tax hike in Labour’s first Autumn Statement in 14 years, focusing on the wealthy and businesses.
Key measures include a 1.2 per cent increase in employer National Insurance contributions, raising the rate to 15 per cent from April 2025, expected to generate £25bn annually.
Other major changes include scrapping tax perks for non-doms, increasing Capital Gains Tax, and a £450 tax per private jet flight. Carer’s Allowance will rise, and fuel duty will remain frozen next year. The freeze on income tax and National Insurance thresholds will end in 2028, as originally set by the Conservatives.
To support workers, Reeves confirmed the minimum wage for over-21s will increase to £12.21 an hour in April 2024. She also pledged a cut in duty on draft alcohol and introduced a new tax on vapes.
Reeves emphasised that “working people will not pay more,” vowing to “invest, invest, invest” to repair the “economic damage caused by the Conservatives”. Her budget signals Labour’s intention to tax wealthier groups while focusing on protecting wages and public services.
So what will these changes mean for your finances? And when will they come into force?
The political ramifications of the budget are also worth exploring. What does Wednesday’s announcement reveal about Reeves’ and Starmer’s long-term plans?
If you have a question on the Budget, submit it now, or when I join you live at 4pm on Wednesday 30 October for the “Ask Me Anything” event.
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