Rachel Reeves announces the Budget tomorrow. Here’s what to expect
Five things Rachel Reeves is set to announce in tomorrow’s Budget
- Chancellor Rachel Reeves is poised to deliver her Budget, with plans to stabilise national finances by extending the freeze on income tax and National Insurance thresholds, expected to generate £8.3 billion annually by 2029/30.
- Reeves is expected to scrap the two-child limit for child tax credit and universal credit, while also considering a cap on pension contributions under salary sacrifice schemes.
- Local leaders in England will be granted the authority to impose a “modest charge” or tourist tax on visitors staying overnight that will help drive revenue for cities and regions.
- Health secretary Wes Streeting has confirmed the sugar tax will now be applied to packaged milkshakes and lattes, expanding the existing levy, in a move dubbed the ‘milkshake tax’.
- There is also set to be a freeze on rail fares, saving commuters on pricier routes more than £300 a year.