{"id":1442427,"date":"2024-10-30T22:07:54","date_gmt":"2024-10-30T21:07:54","guid":{"rendered":"https:\/\/pre.efe.com\/?p=1442427"},"modified":"2024-10-31T01:54:13","modified_gmt":"2024-10-31T00:54:13","slug":"uks-labour-government-increases-taxes-in-first-budget","status":"publish","type":"post","link":"https:\/\/pre.efe.com\/en\/economia\/2024-10-30\/uks-labour-government-increases-taxes-in-first-budget\/","title":{"rendered":"UK&#8217;s Labour government increases taxes in first budget"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1442427\" class=\"elementor elementor-1442427\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-73b584b7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"73b584b7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2d4186a8\" data-id=\"2d4186a8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1fcbadf1 elementor-widget elementor-widget-text-editor\" data-id=\"1fcbadf1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p class=\"wp-block-paragraph\">By Judith Mora<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">London, Oct 30 (EFE).- The Labour government led by Keir Starmer announced on Wednesday a rise in state investment and the highest tax increase in recent UK history, in its first budget since taking office in July.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">The Chancellor Rachel Reeves stated that the increase in the tax burden, primarily on businesses, would raise 40 billion pounds (52 billion dollars), partly aimed at eliminating a budget shortfall of 22 billion pounds (28.6 billion dollars) that they claimed to have inherited from the Conservatives.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Reeves also revealed investment plans in education, healthcare, defense, and transportation, which will result in an annual spending increase of about 70 billion pounds (91 billion dollars), according to the Office for Budget Responsibility.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-rss-efe-singlepost-thumb size-rss-efe-singlepost-thumb\" src=\"https:\/\/i0.wp.com\/efe.com\/\/srv\/htdocs\/wp-content\/uploads\/2024\/10\/rss-efef0d82fff1c9b7758ebf14ffb75da185e6a48d117w.jpg?fit=1920%2C1356&amp;ssl=1\" alt=\"British Prime Minister Keir Starmer departs 10 Downing Street ahead of Chancellor of the Exchequer Rachel Reeves budget presentation at parliament in London, Britain, 30 October 2024. Reeves will deliver the new Labour government's first Budget to parliament on 30 October. EFE\/EPA\/ANDY RAIN\n\" width=\"1920\" height=\"1356\" data-description=\"British Prime Minister Keir Starmer departs 10 Downing Street ahead of Chancellor of the Exchequer Rachel Reeves budget presentation at parliament in London, Britain, 30 October 2024. Reeves will deliver the new Labour government's first Budget to parliament on 30 October. EFE\/EPA\/ANDY RAIN\n\" data-image-title=\"Imagen-UK\u2019s Labour government increases taxes in first budget\" data-attachment-id=\"1442438\" data-permalink=\"https:\/\/pre.efe.com\/imagen-uks-labour-government-increases-taxes-in-first-budget-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/efe.com\/\/srv\/htdocs\/wp-content\/uploads\/2024\/10\/rss-efef0d82fff1c9b7758ebf14ffb75da185e6a48d117w.jpg?fit=1920%2C1356&amp;ssl=1\" data-orig-size=\"1920,1356\" \/><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><b>Increased burden on businesses<\/b><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">The fiscal watchdog estimated that, based on the new budget, the UK economy will grow by 1.1% in 2024, up from 0.1% in 2023 and by 2% in 2025, higher than forecast in March under the previous Tory government.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">However, the OBR lowered its forecasts for 2026 from 2% to 1.8% and to 1.5% in 2027 and 1.5% in 2028, although it admitted that the reference figures from March are now invalid because the Conservative government withheld data.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">In her parliamentary\u00a0statement, Reeves announced that from April the employer&#8217;s contribution to National Insurance will rise from 13.8% to 15%, which is expected to raise 25 billion pounds (32.5 billion dollars) a year.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">\u201cThe choices that I have made today are the right choices for our country,&#8221; said the Chancellor, who indicated that she would cut business rates for the retail, leisure, and hospitality sectors by 40% and reduce the tax on draft beer.<\/p>\n<p><img decoding=\"async\" class=\"attachment-rss-efe-singlepost-thumb size-rss-efe-singlepost-thumb\" src=\"https:\/\/i0.wp.com\/efe.com\/\/srv\/htdocs\/wp-content\/uploads\/2024\/10\/rss-efe2eb9f4a81d075fcf2bc56145eee29a6dc6171455w.jpg?fit=1920%2C1280&amp;ssl=1\" alt=\"Chancellor of the Exchequer Rachel Reeves (C) poses for a photo as she holds up her budget box outside number 11 Downing Street in London, Britain, 30 October 2024. EFE\/EPA\/TOLGA AKMEN\n\" width=\"1920\" height=\"1280\" data-description=\"Chancellor of the Exchequer Rachel Reeves (C) poses for a photo as she holds up her budget box outside number 11 Downing Street in London, Britain, 30 October 2024. EFE\/EPA\/TOLGA AKMEN\n\" data-image-title=\"Imagen-UK\u2019s Labour government increases taxes in first budget\" data-attachment-id=\"1442442\" data-permalink=\"https:\/\/pre.efe.com\/imagen-uks-labour-government-increases-taxes-in-first-budget-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/efe.com\/\/srv\/htdocs\/wp-content\/uploads\/2024\/10\/rss-efe2eb9f4a81d075fcf2bc56145eee29a6dc6171455w.jpg?fit=1920%2C1280&amp;ssl=1\" data-orig-size=\"1920,1280\" \/><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Capital gains tax will also increase from 10% to 18% in the lower band and from 20% to 24% in the upper band, while corporation tax will remain unchanged at 25%.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">The tax on profits of oil and gas companies will rise to 38%, but the petrol tax will be frozen, and the tax on vaping products will rise.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\"><b>Focused on investment<\/b><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">The Chancellor explained that she changed the fiscal rules (used by successive governments to reassure markets), changing how debt calculates to allow more borrowing for investment.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">In this regard, she will allocate an additional 2.9 billion pounds (3.77 billion dollars) to the defense budget, aiming to reach 2.5% of GDP, with an extra 3 billion pounds (3.9 billion dollars) in military support for Ukraine.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Reeves stated that 6.7 billion pounds (8.71 billion dollars) would go towards improving public schools and 5 billion pounds (6.5 billion dollars) to support the construction of new affordable housing.<\/p>\n<p><img decoding=\"async\" class=\"attachment-rss-efe-singlepost-thumb size-rss-efe-singlepost-thumb\" src=\"https:\/\/i0.wp.com\/efe.com\/\/srv\/htdocs\/wp-content\/uploads\/2024\/10\/rss-efef0059b7a3c4fced7e0f7cbd189eb50d518bca783w.jpg?fit=1920%2C1280&amp;ssl=1\" alt=\"(L-R) Parliamentary Secretary Emma Reynolds, Exchequer Secretary to the Treasury James Murray, Chief Secretary to the Treasury Darren Jones, Chancellor of the Exchequer Rachel Reeves, Economic Secretary to the Treasury Tulip Siddiq, and Financial Secretary to the Treasury Spencer Livermore, pose for a photo as Reeves holds up her budget box outside number 11 Downing Street in London, UK, 30 October 2024. EFE\/EPA\/TOLGA AKMEN\n\" width=\"1920\" height=\"1280\" data-description=\"(L-R) Parliamentary Secretary Emma Reynolds, Exchequer Secretary to the Treasury James Murray, Chief Secretary to the Treasury Darren Jones, Chancellor of the Exchequer Rachel Reeves, Economic Secretary to the Treasury Tulip Siddiq, and Financial Secretary to the Treasury Spencer Livermore, pose for a photo as Reeves holds up her budget box outside number 11 Downing Street in London, UK, 30 October 2024. EFE\/EPA\/TOLGA AKMEN\n\" data-image-title=\"Imagen-UK\u2019s Labour government increases taxes in first budget\" data-attachment-id=\"1442446\" data-permalink=\"https:\/\/pre.efe.com\/imagen-uks-labour-government-increases-taxes-in-first-budget-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/efe.com\/\/srv\/htdocs\/wp-content\/uploads\/2024\/10\/rss-efef0059b7a3c4fced7e0f7cbd189eb50d518bca783w.jpg?fit=1920%2C1280&amp;ssl=1\" data-orig-size=\"1920,1280\" \/><\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">The minister increased the budget for the beleaguered National Health Service by 22.6 billion pounds (29.38 billion dollars), which has a waiting list of 7.6 million people, and committed to completing the construction of a high-speed rail line.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">She also revealed that 11.8 billion pounds (15.34 billion dollars) would compensate victims of a 1970s scandal involving contaminated blood transfusions and 1.8 billion pounds (2.34 billion dollars) for compensation to hundreds of postmasters wrongfully accused of fraud.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Labour&#8217;s budget, which includes an increase in the minimum wage in April, has caused volatility in financial markets as they weigh the impact on debt, while some analysts have warned that its success will be reflected if it boosts economic growth.<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">Reeves defended that her decisions were the right ones, &#8220;to restore stability to our public finances. To protect working people. To fix our NHS. And to rebuild Britain.&#8221; EFE<\/p>\n<p><\/p>\n<p class=\"wp-block-paragraph\">jm\/dgp\/mcd<\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>By Judith Mora London, Oct 30 (EFE).- The Labour government led by Keir Starmer announced on Wednesday a rise in state investment and the highest tax increase in recent UK history, in its first budget since taking office in July. The Chancellor Rachel Reeves stated that the increase in the tax burden, primarily on businesses, &#8230; <a title=\"UK&#8217;s Labour government increases taxes in first budget\" class=\"read-more\" href=\"https:\/\/pre.efe.com\/en\/economia\/2024-10-30\/uks-labour-government-increases-taxes-in-first-budget\/\" aria-label=\"Read more about UK&#8217;s Labour government increases taxes in first budget\">Read more<\/a><\/p>\n","protected":false},"author":198164071,"featured_media":1442434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[121922,122140],"tags":[],"class_list":["post-1442427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-latest-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UK&#039;s Labour government increases taxes in first budget - EFE<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK&#039;s Labour government increases taxes in first budget - EFE\" \/>\n<meta property=\"og:description\" content=\"By Judith Mora London, Oct 30 (EFE).- The Labour government led by Keir Starmer announced on Wednesday a rise in state investment and the highest tax increase in recent UK history, in its first budget since taking office in July. The Chancellor Rachel Reeves stated that the increase in the tax burden, primarily on businesses, ... 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Reeves will deliver the new Labour government's first Budget to parliament on 30 October. 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