Chancellor Rachel Reeves has today delivered her autumn Budget statement, outlining plans for tax changes, investment priorities, borrowing and spending plans for the year ahead.
Some key points are outlined below:
- The National Living Wage will increase from £12.21 to £12.71 an hour from April 2026.
- The National Minimum Wage for 18 to 20-year-olds will increase from £10.00 to £10.85 an hour.
- The National Minimum Wage for 16 to 17-year-olds and apprentices will increase from £7.55 to £8.00 an hour.
- National Insurance (NI) and income tax thresholds frozen for extra three years beyond 2028.
- Fuel duty: Temporary 5p fuel duty cut to be extended for a further five months until the end of August 2026.
- Electric vehicles: A new mileage-based charge on battery electric and plug-in hybrid cars from 2028.
For further information please select the following link: Budget 2025 - GOV.UK and Budget 2025 fact sheet: Tax support for businesses - GOV.UK.