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Stay tuned as we bring you live updates on the measures announced and their potential impact on small businesses.
Budget will raise taxes by £40bn
- Reeves informed the Commons that this Budget will increase taxes by £40bn. She emphasized that any chancellor would “face the same reality” and that any “responsible chancellor would take action.”
The National Minimum Wage is set to increase by 6.7%
Reeves stated that starting next April, the National Living Wage for those aged 21 and over will rise from £11.44 to £12.21 per hour.
Earlier this year, the Low Pay Commission recommended a 5.8% increase to £12.10, but the chancellor has opted for a slightly higher rate.
Additionally, the National Minimum Wage for individuals aged 18 to 20 will go up from £8.60 to £10 per hour.
Apprentices will see the largest increase, with their hourly pay rising from £6.40 to £7.55.
National Insurance to rise to 15% for employers
Reeves announces that employers’ National Insurance contributions will rise from 13.8% to 15%.
In addition, the threshold at which businesses start paying National Insurance on a workers’ earnings will be lowered from £9,100 to £5,000.
Chancellor promises bump to Employment Allowance
Reeves says she is increasing Employment Allowance to help smaller businesses.
The Employment Allowance will increase from £5,000 to £10,500.
