Curious how the measures announced in new Labour chancellor's statement will affect your family's finances? We explain all.
Rachel Reeves has announced new financial measures for the country, in her first Commons speech as Chancellor. The new Labour chancellor announced cuts worth £5.5bn this year, rising to £8.1bn next year.
Since Labour won the general election earlier this month, families have been wondering how the new government will impact their day to day lives.20% VAT charge on private schools The manifesto pledge to charge 20% VAT on private school fees has been confirmed and will start from January 2025. From January, 20% VAT will be added on to school fees and the £1.5bn raised will be used to fund its childcare pledges, which include providing free breakfast clubs for children and creating 100,000 nursery places.Potential tax increases Ms Reeves hinted at potential tax rises – or 'difficult decisions' – coming in her October budget, though not income tax, national insurance or VAT.
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