London ∙ The new budget introduced by the Labor government has dealt a heavy blow to workers and businesses. Employers will have to bear the brunt of the increase in National Insurance. Through this, the government aims to raise additional resources of 25 billion. Businesses are likely to reduce the number of employees to cope with this. With this, the budget will indirectly be a setback for the working class. This may also adversely affect those who come to Britain in search of work.

From April 1, employers must pay National Insurance contributions of 15 per cent on salaries above £5,000 and 13.8 per cent on salaries above £9,100. The government aims to raise an additional £25 billion each year. It has also been decided to increase the Employment Allowance allowed in National Insurance for small firms and companies from five thousand pounds to 10,500 pounds.

Capital gains tax has been increased from 20 to 24 percent. VAT will be applicable on private school fees from 2025. Private jet travel will be taxed by 50 percent. Vaping liquid will face a new tax of £2.20 per 10ml from 2026. An increase in taxes on cigarettes and tobacco products has also been announced. The stamp duty land tax surcharge will increase by two percent for the second house.

To increase the number of teachers, NHS More money was allocated for increased appointments and new houses. NH 22 billion has been set aside in the budget to increase S front line facilities and three billion for renovation of buildings and equipment.

The £2 cap on single bus journeys in England will be raised to £3 from January. While the defense budget has been increased by 2.9 billion for the next year, the Home Office has announced a decrease of 3.1 percent in the budget. Local councils are being given an extra £1.3 billion in budgets.

Leader of the Opposition Rishi Sunak accused the Labor government of not only breaking its promise by imposing taxes on work, business and savings, but also creating an obstacle to economic growth. Rishi’s duties as Leader of the Opposition are complete with his response to the budget. The new leader of the Tory party will become the leader of the opposition when detailed discussions on the budget take place next week.