UK Budget: Highlights of Chancellor Reeves' Key Announcements

The video discusses the UK's economic challenges and plans for national renewal. It highlights a £22 billion deficit from previous government plans and forecasts GDP growth. The budget aims to boost long-term growth, increase the National Living Wage, and adjust taxes. Key reforms include abolishing the non Dom tax regime and introducing a new residence-based scheme. The budget raises taxes by £40 billion to address public finance issues and increases defense spending to support NATO commitments and Ukraine. Investments in housing and health sectors are also announced.

What was the financial deficit exposed in July, and what was its significance?

• £10 billion, reflecting balanced budget

• £22 billion, highlighting unfulfilled promises

• £15 billion, indicating economic growth

• £30 billion, showing surplus funds

What is the projected GDP growth rate for 2025?

• 1.8%

• 1.5%

• 2.0%

• 1.1%

How much will the National Living Wage increase to per hour?

• £11.50

• £12.21

• £13.00

• £14.00

What change is being made to the employers' National Insurance contributions?

• Decrease by 1.2 percentage points

• Increase by 1.2 percentage points

• Remain the same

• Abolished completely

What is the new higher rate for capital gains tax?

• 24%

• 18%

• 32%

• 20%

What major tax regime is being abolished?

• VAT

• Income tax

• Non-dom tax regime

• Corporate tax

How much is the increase in the NHS day-to-day health budget?

• £10 billion

• £15 billion

• £22.6 billion

• £30 billion