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Chancellor Rachel Reeves says the Budget will raise taxes by £40bn as she delivers Labour’s first Autumn Statement in 14 years
Reeves confirmed that National Insurance contributions for employers will increase by 1.2% to 15% from April 2025.
The minimum wages will rise in April, with rates for over-21s set to go up to £12.21 an hour
She announced the continuation of the freeze on fuel duty, a move welcomed by many in t he motor sector.
There will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous government, Reeves says.
From 2028-29, personal tax thresholds will be uprated in line with inflation, she says.
The Government will permanently lower business rates multipliers for retail, hospitality and leisure (RHL) properties from 2026-27.
Sue Robinson: “NFDA welcomes the Chancellor providing further clarity on their plans for reforming business rates, a long-standing issue often sidelined in recent Budgets despite the need for action.
“Today’s Budget has offered some relief to businesses with permanently lower tax rates to be introduced for retail, hospitality & leisure from 2026-27.
The Government is maintaining EV incentives in the Company Car Tax regime and extending 100% First Year Allowances for zero emission cars and EV charge points for a further year.
Sue Robinson: “NFDA welcomes the Government’s recognition of the importance of electric vehicles in this year’s Autumn Budget.
“The Chancellor announced the maintenance of existing incentives for EVs in company car tax from 2028.
“It is crucial that, with the ZEV mandate target set to rise to 28% next year and lagging private demand, there is continued investment in EV infrastructure to help drive adoption across the sector.