🌹Labour’s first budget in 14 years at a glance
SPENDING
⚡️changes to fiscal rules freeing up approx £100bn for infrastructure investment over five years incl transport & energy
🩻 NHS gets £22.6bn for day to day spending plus £3.1bn capital - with targets to cut waiting lists & deliver more appointments
📚Education gets £6.7bn increase in capital funding for school building
💣 Defence gets £2.9bn boost though overall spending still falls as proportion of GDP
💷 Minimum wage up 6.7% for millions of workers
🏠 £5bn on housing including an extra £500m to build affordable homes plus five-year rent settlement for social housing providers
👩⚖️ £11.8bn compensation for infected blood scandal victims & their families & £1.8bn for post office horizon scandal
🚂 HS2 will come to Euston, transpennine route upgrade, and more money from potholes - though bus fares cap goes up from £2 to £3
TAX
👨🏽💼Employers national insurance contributions up 1.2 percentage points, threshold lowered to £5k
👷Income tax thresholds which drag more people into higher tax bands frozen until 28/29, rather than 2030 as speculated
💷 VAT on private school fees, rise in capital gains tax, inheritance tax thresholds frozen but include inherited pensions & non dom status scrapped
⛽️ "temporary" 5p cut on fuel duty & freeze on inflationary rises continue for another year. Big hike in air passenger duty for private jets