Chancellor Rachel Reeves has today announced a record £40 billion increase in taxes today in Labouris first Budget for more than 14 years.
He said he would protect “workers” from tax increases, but some people may notice the impact of his policies on their wallets.
Parents who send their children to private schools will have to pay more, and the Chancellor will honor a manifesto commitment and add 20 per cent. TUB rate to school fees.
Vapers will also pay more, with Ms Reeves announcing a new flat tax on all e-cigarette liquid in her speech today.
However, those on low incomes will see more money, and the national living wage, for those aged 21 and over, will rise from £11.44 to £12.21.
With our interactive calculator tool to save money Nous.coYou will be able to see how the new budget will impact you.
Once the calculator has done its job, simply mark which measures you think will affect you and add any requests for additional details.
Greg Marsh, home finance expert and CEO of Nous.co, said: The ‘Rachel Reeves’ budget is bad news for working families.
‘A typical two-person household on average incomes will be hit with stealth taxes to the tune of around £300 over the next two years.
“And anyone who relies on their car and fills it up a couple of times a month will be £75 poorer thanks to rising fuel taxes.
‘On top of that, people are now less likely to get a pay rise – business leaders have said that increasing employers’ national insurance contributions will make it harder to raise people’s pay.
‘This is the last thing people need after years of rising prices that have consumed family budgets.
“Inflation has gone down, but the pressure on people’s finances is not going away.”