Summary
Reeves' budget raised employer National Insurance contributions by 1.2 percentage points, froze income tax thresholds and increased borrowing significantly to fund NHS and public investment. Business groups warned of hiring freezes; gilt yields rose; sterling dipped. Polls showed support for the budget's health spending goals but opposition to the NI rise.
Full breakdown of tax changes, spending commitments, and the OBR's economic forecast.
Business groups' assessment of the National Insurance impact and the hiring chill they predict.
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