Budget 2025: what it means for people on a range of incomes

How Rachel Reeves’s measures on tax, NI and benefits affect single people, couples, families and those receiving pensions in England, Wales and Northern IrelandLuke can’t get a graduate role and works 35 hours a week in a cafe. He is paid the national living wage (NLW) of £12.21 for workers aged 21 and over. He pays £1,930 in income tax and £772 in national insurance (NI) contributions. This results in a monthly take-home pay of £1,627 after tax, or £19,520 a year. On 1 April 2026 the NLW rate will increase 50p – 4.1% – to £12.71 an hour. His annual income tax bill will rise to £2,112 and NI to £845, leaving him with £1,681 a month, an increase of £54. Continue reading...Weiter zum vollständigen Artikel bei TheGuardian Weiter zum vollständigen Artikel bei TheGuardian