Tax, wages and prices - what the Budget means for you and your money

Published On Oct 30, 2024, 9:49 AM

The recent UK Budget announcement by Chancellor Rachel Reeves includes significant changes that could impact personal finances. Key updates include: a rise in minimum wages, which may strain job prospects as businesses face higher costs; increases in certain tax rates, like capital gains tax; and changes in inheritance tax that could affect more estates. Additionally, more costs for private school fees due to VAT, modest benefits and pension increases, and the freeze on income tax thresholds will impact disposable incomes. Overall, while some groups may benefit from wage increases, rising costs and taxes could lead to financial strain for many.