Explainer: What can we expect in the upcoming budget?

Growth and fiscal responsibility are expected to be the main themes of Chancellor Rachel Reeves upcoming first budget, for the new Labour government.

Transcript

00:00The 2024 UK Budget, led by Labour Chancellor Rachel Reeves, is expected to focus on balancing

00:09fiscal responsibility with growth and investment. Key highlights may include a new 20% VAT on

00:17private school fees, effective from January 2025, to help fund public education. Business

00:24support measures will likely feature with the corporation rate tax capped at 25% and

00:31continued full expensing for capital investments. Changes to capital gains and inheritance tax

00:39are anticipated, with potential increases in rates to help fund public spending. The

00:45Budget will also emphasise housing, with the introduction of Labour's Freedom to Buy scheme

00:50aimed at helping first-time buyers. The energy profits levy on oil and gas firms will raise

00:56to 38%, reinforcing Labour's focus on the energy sector and its reform.