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Budget 2024: Taxes and spending on schools, NHS and benefits

Budget 2024: Taxes and spending on schools, NHS and benefits

The money needed to pay for education, health care, housing and the armed forces has to come from somewhere.

This budget will see taxes increase by a massive £40 billion. Tax is money that adults and businesses pay to the government.

As part of this budget, companies will have to increase the amount of tax they pay for staff they employ – known as National Insurance.

There will also be a rise in taxes on vaping products, private school fees and people in many parts of England who use buses will have to pay more as the price cap for single journeys increases from £2 to £3.

In response to the tax announcements, former Prime Minister Rishi Sunak said Labor was “breaking promises” made to voters during the election campaign.

“They tax your job, they tax your company, they tax your savings. Whatever you come up with, they will pay tax,” the opposition leader told MPs in the House of Commons on Wednesday.

In her speech, the Chancellor said: “I have made my choices. Responsible choices. To restore stability in our country. To protect working people.

“More teachers in our schools. More visits to our NHS. More houses under construction.”