Phew, that was a lot in an hour. Here are some of the key things we learned when Chancellor Rachel Reeves presented her first Budget:

National insurance: Employers’ National Insurance contributions will rise from 13.8% to 15%, and the threshold at which they must pay them will rise from £9,100 to £5,000. But there is some relief for employers as Employment Allowance – which allows businesses to reduce their NI liability – will increase from £5,000 to £10,500.

Income tax: Despite predictions that Reeves could keep the freeze on income tax thresholds beyond 2028-29, she said after that they would increase in line with inflation.

Capital gains tax: For higher rate taxpayers, on assets such as stocks this will increase from 20% to 24%, for lower rate taxpayers it will increase from 10% to 18%. On residential real estate, the rates will remain at 24% and 18%.

Non-domiciliary taxation: The tax regime for non-dom will be abolished from April 2025

Carer’s Allowance: Full-time carers will be able to earn more without losing their benefit – the maximum income threshold will increase from £151 to £195 per week

Alcohol tax: Tax on draft drinks will be reduced by 1.7%, while non-draft drinks will see an increase in line with the RPI – the highest measure of inflation.

Fuel tax: The 5p reduction in tax on petrol and diesel, due to end in April 2025, will be maintained for another year

Stamp duty: From tomorrow, the stamp duty property surcharge for second homes increases from 2% to 5%

Obligation of air passengers: On private jets, Reeves is increasing the customs duty rate for air passengers by another 50%.

Learn more: Key points at a glance