Rachel Reeves has unveiled huge tax hikes of £40bn in her Budget as Labour bids to fix the nation’s finances.
Key policies include a hike in employers’ national insurance contributions, a rise in stamp duty for second homes and a freeze on fuel duty.
Capital gains tax will also rise – to 18 per cent for the lower rate and 24 for the higher – while the chancellor also unveiled a reform of inheritance tax.
After months spent warning the public of “tough choices” ahead, Ms Reeves promised to “invest, invest, invest” in order to “fix public services” and announced a £22.6bn increase in the day-to-day NHS health budget.
But Tory criticisms were echoed by independent expert Paul Johnson of the Institue for Fiscal Studies, who said Ms Reeves had taken a “huge gamble”.
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The Independent’s Budget calculator, created by tax advisory firm Blick Rothenberg, below will help you to determine whether you are better or worse off following Wednesday’s statement.
Enter a few details such as how much you earn, whether you are single, if you are in a couple or have a family to see how your finances will be affected.