Chancellor Rachel Reeves has unveiled her reforms to her taxes, savings and pensions in her Budget 2025 after months of speculation and growing concern over the economy's trajectory.
Among the changes announced by the Treasury include the extension of the income tax threshold freeze, a reduction in the cash ISA tax-free allowance and other controversial policies.
While journalists, economists, analysts and politicians debate who the winners and losers of this Budget will be, GB News readers will be the among the first to know how they will be affected by the Chancellor's fiscal overhaul.
We have teamed up with Blick Rothenberg to share their free online Budget 2025 calculator. Simply fill out the relevant fields in the tool below, and find out whether you'll be better off or not every year.
In March, the OBR provided its previous forecasts for GDP growth in the UK | OBR In reaction to today's announcement, Nimesh Shah, Blick Rothenberg's CEO, shared: "Even before Rachel Reeves stood up to deliver her Budget 2025 speech, this is already one of the most damaging Budget statements in living memory and will leave a lasting impact for a generation.
"The two per cent increase to dividend tax rates, property and savings presumably breaks Labour’s manifesto pledge not to increase income tax. The reduction in the cash ISA limit to £12,000 will cost a higher rate taxpayer over £140 in income tax, assuming interest rate of 4.5 per cent and no personal savings allowance.
He added: "The ISA regime has just been made (even more) unnecessarily complicated by having a different regime for over-65s. I understand the logic but this is making a mess of ISAs. The changes to salary sacrifice pensions from 2029 are another damaging blow to business after last year’s employer’s NIC increase.
"This will be inflationary and lead to further job losses.It was a certainty that personal tax allowances and thresholds would be frozen in today’s Budget. I wasn’t expecting it would be for another three years and will drag almost one million people into higher rate."
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