Chancellor Rachel Reeves has finally unveiled the budget for 2024. Here are the key points:

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• The budget increases taxes of £40 billion.

• National insurance contributions for employers (and not for employees) will increase by 1.2 percentage points to reach 15% from April 2025.

When employers start paying NI will increase from £9,100 a year to £5,000 a year. This will raise £25 billion a year.

• The lower rate of Capital Gains Tax (CGT) on the sale of assets will increase from 10% to 18%. The highest rate will increase from 18% to 24%. CGT on the sale of residential property will also increase from 18% to 24%.

• Tax thresholds will increase, which means that the level at which people pay higher taxes will be increased. These tax brackets had been frozen. But this freeze will end in 2028 and the tranches will increase at the rate of inflation.

• Health and employment services for people disabled and long-term sick will receive £240 million in funding.

• THE minimum wage for those aged 21 and over it will rise by 6.7% to £12.21 an hour. This equates to £1,400 a year for a full-time worker. Workers aged 18 to 20 will see their minimum wage rise by 16.3% to £10 an hour.

• People will now be able to win £10,000 or more by claiming Carer’s Allowance. This will mean an extra £81.90 for those newly eligible.

• THE household assistance fund will receive £1 billion to help people in financial difficulty cover the cost of essential goods.

• The 5p fuel tax will be frozen until next year.

• A cut to proposed alcohol tax by 1.7%, which could make drinks 1p cheaper.

• The tax on tobacco will increase at the rate of inflation plus an additional 2%. There will also be an additional 10% on rolling tobacco.

• There will be a new flat rate duty on all vaping liquid from next October.

• VAT will be introduced on private tuition fees from January 2025 and business rates relief for private schools will be removed from April 2025.

• Some 500 State schools old and unsuitable buildings will be rebuilt at a total cost of £1.4 billion. There will be an extra £300 million each year for the maintenance of schools, which will cover the RAC’s problems.

• The budget for free school breakfast clubs will be tripled to £30 million, in 2025 and 2026. The base budget for schools will also increase by £2.3 billion next year.

• An investment of £300 million to continuing education and £1 billion for children with special educational needs (SEN).

• THE HS2 the rail link between Old Oak Common, west London, and Birmingham has been confirmed. Tunneling work will also begin to extend the line to London Euston.

• Air passenger duty on private jets will increase by 50%, which equates to £450 per passenger.

• The price of soft drinks will increase, with the drinks tax increasing each year in line with inflation. Nearly £1 billion a year will be raised through this measure.

• The Office for Budget Responsibility (OBR) predicts UK GDP growth i.e. 1.1% in 2024, 2.0% in 2025, 1.85% in 2026, 1.5% in 2027, 1.5% in 2028, 1.6% in 2029.

• The OBR expects public sector net borrowing to £105.6 billion in 2025-26, £88.5 billion in 2026-27, £72.2 billion in 2027-28, £71.9 billion in 2028-29 and 70 .6 billion pounds sterling in 2029-30.