Budget 2024 live: Watch live as Rachel Reeves presents Labour’s first budget in 14 years

image source, Reuters

There has been much speculation in recent weeks about exactly what Labor plans to do with the budget.

However, some changes have already been made public for everyone – here they are in brief:

Fuel payment in winter: The government said future payments would only be made to those receiving pension credits or other means-tested benefits. These plans have been criticized by some MPs, trade unions and charities.

State pension: In April 2025, the state pension will increase by 4.1%. The increase will be confirmed when the budget is adopted.

VAT on private schools: The government has announced that VAT will be added to private school fees from January 1. Some private schools will lose business benefits.

Tax on excess profit from energy: The government is increasing the tax on excess profits from the profits of UK oil and gas companies. The levy on energy revenue is to rise to 38% from 35% on November 1 and will be in effect until March 31, 2030.

Bus fare restrictions: The maximum bus fare, which applies to many routes in England, will be increased to £3. This is an increase on the current £2 limit, which was introduced under the previous Conservative government and was due to expire in December.

Minimum wage: In April, the minimum wage will rise and the hourly rate for over-21s will rise to £12.21 an hour. Employees aged 18 to 20 and apprentices will also see a minimum hourly wage.