Labours First Budget in 14 Years ! And what does It mean for you
Tax :
Labour plans to change VAT of 20% on independent private school fees
And was also announced in the kings speech of parliament last July
These changes are expected to happen by January 1st 2025
Also national wage will rise basically saying if your on low pay your wages should rise
And smoking will cost you more
It was announced that
Tax on tobacco will rise by 2% and 10% for hand rolling tobacco
NHS
The NHS will receive billons of Pounds of extra capital investment
In a bid to cut back waiting times in hospitals which currently sits at 8 million
Big win for education
The education department has received an large up-stick in spending with a 20% increase in capital spending
And the budget includes extra investment of 1.8 billion Pounds into early 25/26
Also funding for schools will rise by 2.3 billion pounds next year
Bus fair caps rise
Bus fair caps will rise to £3 by 2025 up from £2
State pension
Was announced That state pension would rise in average of 4.1% in April
