All the important announcements from The Budget.
Sir Keir Starmer is taking part in Prime Minister’s Questions before Rachel Reeves delivers The Budget at 12.30pm.
▪️ The two-child benefit cap will be scrapped in the budget, and this change will come into effect in April.
▪️ The chancellor has frozen income tax thresholds for an additional three years according to the OBR.
▪️The Living Wage will rise from April 2026 with the hourly rate for over-21s rising by 50p to £12.71. People aged 18-20 will see an 85p rise to £10.85, and under-18s and apprentices getting will rise to £8 an hour.
▪️ The chancellor is introducing a mansion tax in the budget on properties worth more than £2 million.
▪️There will be a general betting tax for gambling online which will be set at 25%. Horse Racing is expected to be exempt.
▪️ A new mileage-based charge on battery electric and plug-in hybrid cars from
April 2028.
▪️ A freeze to fuel duty for a further five
months followed by staged increases from September 2026.
▪️ Pension salary sacrifice changes.
