As it happened: Rachel Reeves raises taxes by £40 billion in Labour’s first Budget

Taxes will rise by £40 billion following Labour’s first Budget for 14 years. The Chancellor announced:

• An increase in employers’ National Insurance contributions from April to 15 per cent, raising £25 billion

• That the freeze on income tax and National Insurance thresholds will not be extended past 2028

• That the lower rate of capital gains tax will be raisedfrom 10 per cent to 18 per cent, and the higher rate from 20 per cent to 24 per cent

• That fuel duty will remain frozen for the next two years

• The introduction of VAT on private school fees from January