Rachel Reeves Budget ‘catastrophe’ for employees on minimum wage | Politics | News [Video]

Budget 2024: Reeves announces Capital Gains tax rise

Rachel Reeves’ tax and spend Budget represents a “catastrophe” for people earning minimum wage and a hammer blow for Britain’s businesses, a financial expert has warned.

And Bob Lyddon also scoffed at the Chancellor’s claim that her decision to increase the National Insurance Contributions of employers will rake in £25billion – although he said Ms Reeves would press ahead with a massive increase in public spending regardless.

Mr Lyddon, the founder of Lyddon Consulting Services, was speaking in response to Ms Reeves eagerly awaited financial statement in the House of Commons yesterday.

Key announcements include The Budget measures include increasing capital gains tax by £2.5 billion, with the lower rate to rise from 10% to 18% and the higher rate from 20% to 24%; changes to inheritance tax, including bringing pension pots within the tax from April 2027, and reducing reliefs for agricultural and business property, raising a total of £2 billion a year.

The …