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Growth and fiscal responsibility are expected to be the main themes of Chancellor Rachel Reeves upcoming first budget, for the new Labour government.
Transcript
00:00The 2024 UK Budget, led by Labour Chancellor Rachel Reeves, is expected to focus on balancing
00:09fiscal responsibility with growth and investment. Key highlights may include a new 20% VAT on
00:17private school fees, effective from January 2025, to help fund public education. Business
00:24support measures will likely feature with the corporation rate tax capped at 25% and
00:31continued full expensing for capital investments. Changes to capital gains and inheritance tax
00:39are anticipated, with potential increases in rates to help fund public spending. The
00:45Budget will also emphasise housing, with the introduction of Labour's Freedom to Buy scheme
00:50aimed at helping first-time buyers. The energy profits levy on oil and gas firms will raise
00:56to 38%, reinforcing Labour's focus on the energy sector and its reform.

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