Budget 2024: Key takeaways as Rachel Reeves reveals £40bn in tax hikes

Budget takeaways: Reeves’ historic budget will raise £40bn in taxes Parliament TV

Transcript

00:00This budget raises taxes by £40 billion.

00:04In her historic budget, the UK's first female chancellor, Rachel Reeves,

00:08announced tax hikes that will raise an eye-watering £40 billion.

00:13Increases to employers' national insurance contributions,

00:16stamp duty on second homes,

00:18and scrapping the VAT exemption on private school fees

00:21were all confirmed, as well as a new duty on vaping.

00:25There were surprise announcements like the freeze on national insurance,

00:29stealthy income taxes and fuel duty.

00:32And in a big win for boozers,

00:34the chancellor cut draft duty in a move that takes a penny off the pints at the pub.

00:40In bad news for those who own private jets,

00:43Reeves announced they would soon have to pay £450 per private jet flight.

00:48When it came to spending,

00:50Reeves promised to invest the money raised into fixing public services,

00:54including big investments into the NHS,

00:57building more homes and extending HS2 to London Euston.

01:01Responding to the budget,

01:03Rishi Sunak accused Ms Reeves of fiddling the figures

01:06and criticised the government for embarking on an enormous borrowing spree.