{"id":177808,"date":"2024-10-30T14:23:08","date_gmt":"2024-10-30T14:23:08","guid":{"rendered":"https:\/\/foxnwolf.com\/locknload\/?p=177808"},"modified":"2024-10-30T14:24:33","modified_gmt":"2024-10-30T14:24:33","slug":"uk-budget-announcement-30th-october-2024","status":"publish","type":"post","link":"https:\/\/foxnwolf.com\/locknload\/?p=177808","title":{"rendered":"UK BUDGET ANNOUNCEMENT 30th October 2024"},"content":{"rendered":"

UK BUDGET ANNOUNCEMENT <\/strong><\/h2>\n

30th October 2024<\/strong><\/h2>\n

This budget will raise taxes by \u00a340bn<\/strong><\/h2>\n

The minimum wage will be increasing by 6.7% to \u00a312.21, while for those aged 18-20 will get a 16.3% bump to \u00a310 an hour;<\/p>\n

National Insurance contributions for employers will increase from 13.8% to 15% from April 2025;<\/p>\n

The threshold at which businesses start paying NI on workers’ earnings will be lowered from \u00a39,100 to \u00a35,000;<\/p>\n

Increasing the lower rate for capital gains tax from 10% to 18%, with higher rate going from 20% to 24%;<\/p>\n

\u00a322.6bn increase in day-to-day health budget and \u00a33.1bn increase in capital budget in this year and next;<\/p>\n

VAT introduced on private school fees from January 2025;<\/p>\n

No extension on the freeze in income tax and NI thresholds;<\/p>\n

Extra \u00a33.4bn for the Scottish government, an extra \u00a31.7bn for the Welsh government and an extra \u00a31.5bn for Northern Ireland;<\/p>\n

\u00a36.7bn of capital investment into the Department for Education, including \u00a31.4bn to rebuild over 500 schools;<\/p>\n

\u00a35bn of investment on housing, including \u00a33.1bn in increases to the Affordable Homes Programme;<\/p>\n

Non-dom tax regime abolished;<\/p>\n

Fuel duty will be frozen next year;<\/p>\n

Inheritance tax thresholds will be frozen for a further two years until 2030;<\/p>\n

Increasing core schools budget by \u00a32.3bn;<\/p>\n

Tripling investment in school breakfast clubs;<\/p>\n

\u00a311.8bn will be provided to compensate those infected and affected by the infected blood scandal;<\/p>\n

\u00a31.8bn will be provided to compensate the victims of the Post Office Horizon scandal;<\/p>\n

\u00a31bn provided from next year to extend the Household Support Fund;<\/p>\n

\u00a3500m increase in road maintenance to tackle potholes;<\/p>\n

Windfall tax on oil and gas profits to increase to 38%;<\/p>\n

\u00a32.9bn added to the Ministry of Defence budget;<\/p>\n

Draught duty cut by 1.7%, taking a penny off pints in pubs;<\/p>\n

Renew the tobacco duty escalator at RPI +2%, increase duty by 10% on hand-rolled tobacco this year;<\/p>\n

Introduce a flat-rate duty on all vaping liquid from 2026, and a one-off increase in tobacco duty;<\/p>\n

Increasing the rate of air passenger duty by 50% for private jets;<\/p>\n

Weekly earnings limit for Carer’s Allowance raised to the equivalent of 16 hours at the National Living Wage per week.<\/p>\n","protected":false},"excerpt":{"rendered":"

UK BUDGET ANNOUNCEMENT 30th October 2024 This budget will raise taxes by \u00a340bn The minimum wage will be increasing by 6.7% to \u00a312.21, while for those aged 18-20 will get a 16.3% bump to \u00a310 an hour; National Insurance contributions … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-177808","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=\/wp\/v2\/posts\/177808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=177808"}],"version-history":[{"count":3,"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=\/wp\/v2\/posts\/177808\/revisions"}],"predecessor-version":[{"id":177811,"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=\/wp\/v2\/posts\/177808\/revisions\/177811"}],"wp:attachment":[{"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=177808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=177808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/foxnwolf.com\/locknload\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=177808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}