Does the 2024 Budget give a boost to working people?

The Chancellor's statement confirmed big tax rises

The wait is finally over for the first Budget from the new Labour government in 15 years. There's been months of controversy and backlash over what could and should be included in the plans for the next year, but today everything was revealed.

Have your say! What are the best and worst parts of Labour's first Budget for 15 years? Comment below, and join in on the conversation below.

Prime Minister Keir Starmer had been firm that any Budget announcements would not directly affect the pay for working people. Chancellor Rachel Reeves confirmed the election promise that there would be no increase in the basic, higher or additional rates of income tax, national insurance, or VAT.

The situation on the roads will stay much the same, with the Chancellor maintaining the fuel duty freeze that has become standard over the past decade. Carer's allowance thresholds will rise, increasing the amount that a carer can earn while they care for a family member before the carer's allowance benefit is taken away from them.

This will now sit at an equivalent of over £10,000 per year, helping to address an issue that has plagued carers for years. The employer's contribution to national insurance, which is money paid by businesses on their workers' earnings, will be going up - and will be the largest tax-raising measure of today's Budget.

This will disappoint businesses, by cutting into profits or reducing future pay rises, but small businesses will receive some relief from this.

Changes to smoking, vaping, and drinking are on the horizon following the latest Budget. Tobacco products will be hit with a one-off tax increase, while vaping liquid will be taxed for the first time.

The duty on wines and spirits is set to rise, but pub-goers may pay less for a pint due to a reduction in draught duty. However, the news has been met with caution by businesses, particularly those in the hospitality sector who are already under pressure.

Retail, hospitality and leisure businesses will receive a 40% relief on their rates, although this may not be as beneficial as it sounds given that many have been receiving heavier discounts recently. These measures form part of a tax-heavy budget aimed at plugging what the Chancellor described as a £22 billion "black hole" in public finances.

Billions will be invested in hiring teachers, further education, and tripling the funding for school breakfast clubs. Affordable housing will also get a boost, along with significant investment in social care and homelessness schemes at a local level.

To offset the new £3 bus fare announced earlier this week, £650 million will be injected into public transport nationwide. Road maintenance budgets will also see an increase, keeping in line with the election promise to "fix 1 million potholes".

The majority of the increased tax will be funnelled into the NHS, which has had a challenging decade marked by growing waiting times and antiquated equipment and systems.

Have your say! What are the best and worst parts of Labour's first Budget for 15 years? Comment below, and join in on the conversation below.