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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”.
Follow our live blog on the budget by clicking here.
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.