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The 2024-25 UK budget, delivered by Chancellor Rachel Reeves. Here are some key points:

Taxes:

National Insurance (NI) contributions for employers will increase by 1.2 percentage points to 15% from April 20252.

Capital Gains Tax for basic rate taxpayers will increase from 10% to 18%, and for higher rate taxpayers from 18% to 24%2.

Inheritance Tax threshold remains unchanged at £325,000, but inherited pensions will be brought within inheritance tax from April 20252.

Stamp Duty surcharge for second homes will increase from 3% to 5%.

Benefits:

The Minimum Wage will rise by 6.7% to £12.21 an hour for people aged 21 and over2.

Universal Credit claimants who have been accidentally overpaid will now only have to pay back 15% of their allowance each month rather than 25%.

Public Services:

The NHS will receive a £22.6 billion increase in its day-to-day budget, plus a £3.1 billion capital budget boost.

Education will receive a £6.7 billion capital investment.

Other Key Measures:

The Household Support Fund will receive £1 billion to help those in financial hardship with the cost of basic essentials.

An additional £500 million will be allocated to repair potholes in England.

This budget aims to address the so-called 'black hole' in government finances by raising £40 billion2. You can find more details on the BBC and MoneyCheck.

give me a summary of UK Autumn Budget 2024
The UK Autumn Budget 2024, delivered by Chancellor Rachel Reeves on October 30, 2024, focused on addressing the so-called 'black hole' in government finances by raising £40 billion. Here are some key points:

Taxes:

National Insurance (NI) contributions for employers will increase by 1.2 percentage points to 15% from April 2025.

Capital Gains Tax for basic rate taxpayers will increase from 10% to 18%, and for higher rate taxpayers from 18% to 24%.

The point at which employers start paying NI will fall from £9,100 to £5,000 a year, but the employment allowance will increase from £5,000 to £10,000.

Stamp Duty surcharge for second homes will increase from 3% to 5%.

Benefits:

The Minimum Wage will rise by 6.7% to £12.21 an hour for people aged 21 and over.

Universal Credit claimants who have been accidentally overpaid will now only have to pay back 15% of their allowance each month rather than 25%.

The Household Support Fund will receive £1 billion to help those in financial hardship with the cost of basic essentials.

Public Services:

The NHS will receive a £22.6 billion increase in its day-to-day budget, plus a £3.1 billion capital budget boost.

Education will receive a £6.7 billion capital investment.

Other Key Measures:

An additional £500 million will be allocated to repair potholes in England.

The fuel duty cut of 5p on petrol and diesel, introduced by the Conservatives, will be extended for another year.

The budget aims to restore economic stability and promote growth through increased investment and relentless reform.