Summary
Rachel Reeves, the UK Chancellor, is set to announce a new budget that includes several tax increases and spending cuts to address a financial shortfall. The budget aims to redirect funds to health services and benefits while possibly removing a cap on child benefits and increasing minimum wages. Separately, there is a proposal to limit jury trials to severe cases, which has raised concerns among legal experts.
Key Facts
- Rachel Reeves will introduce new taxes affecting various sectors like work, pensions, and leisure activities.
- Motorists might benefit from an extended fuel duty freeze.
- Reeves plans to raise the minimum wage, aiming for an 8.5% increase for young workers.
- A fiscal gap of approximately £30 billion is the target for closure with tax hikes and spending cuts.
- Minimum wage increases could affect young workers' employment opportunities, according to some business leaders.
- Legal experts are concerned about a proposal to limit jury trials to serious offenses, fearing it might affect justice and lead to wrongful convictions.
- The UK's budget includes plans to keep income tax thresholds unchanged until 2030.
