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Chancellor Rachel Reeves has announced significant increases in capital gains tax (CGT) rates in the UK, raising concerns among entrepreneurs and investors about potential negative impacts on economic growth and investment. The new rates will take effect in April 2025, with the lower rate rising from 10% to 18% and the higher rate from 20% to 24%.
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Chancellor Rachel Reeves delivered Labour's first Budget on October 30, 2024, addressing a £40 billion fiscal shortfall. The Budget included significant tax hikes and spending cuts, with a focus on addressing the economic challenges stemming from Brexit and the pandemic. The government's approach has sparked debate over austerity measures and their impact on public services.
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Chancellor Rachel Reeves is expected to propose unprecedented tax increases in the upcoming Budget, aiming to address a £22 billion fiscal shortfall. Critics warn that these measures could lead to lower growth and job losses, marking a significant shift in Labour's fiscal policy since taking office.
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Labour's Prime Minister Keir Starmer has indicated potential tax increases on capital gains and inheritance taxes, sparking debate over the definition of 'working people.' This comes ahead of the upcoming Budget, where significant fiscal changes are expected to address public service funding.