Chancellor Rachel Reeves set out a Budget which will increase taxes by £40 billion as she promised to “fix the foundations” of the economy and repair the public finances. In the first Labour Budget since 2010 – and the first ever delivered by a woman – Ms Reeves promised to “invest, invest, invest”. But she said the “black hole” left by the Conservatives requires tens of billions of additional taxes.
These are the highlights from Ms Reeves Budget announcement, which lasted 77 minutes. Budget pension changes Rachel Reeves has promised an extra £470 for pensioners next year, as she maintained the Government’s commitment to the pension triple lock. The triple lock guarantees an increase in pensions in line with average earnings, inflation or 2.
5%, whichever is highest. Making the announcement the Chancellor said: “This commitment means that while working-age benefits will be uprated in line with CPI at 1.7%, the basic and new state pension will be uprated by 4.
1% in 2025-26. “This means that over 12 million pensioners will gain up to £470 next year.” She added: “The pension credit standard minimum guarantee will also rise by 4.
1% from around £11,400 per year to around £11,850 for a single pensioner.” Inheritance Tax changes Ms Reeves confirmed changes to inheritance tax, including bringing pension pots within the with tax from April 2027. Ms Reeves said: “Only 6% of estates will pay inheritance tax this year.
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