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Autumn budget live: Rachel Reeves says taxes will rise by £40bn as she delivers budget
The goal is to invest in Britain. Tax policy is calibrated to generate 25 billion pounds from the National Employment Insurance Tax.
Reeves says she is not increasing income tax, employees’ national insurance and VAT. National Employment Insurance Tax paid by companies will go up by 1.2 percentage points, to 15%, from April next year. Threshold will come down from £9,100 per year to £5,000.
Crackdown on welfare fraud saves 4.3 billion pounds. A new Covid Corruption Commissioner for dodgy Covid contracts
6.7% increase in the minimum wage
State pensions will go up by 470 pounds.
Carers allowance to go up to 10,000 pounds a year.
5000 extra tax officers to close the tax gap, update IT, update App.
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