Key facts
- Pensioners to receive state pension of 13,036 pounds next April.
- Banks to pay an additional 1.5 billion pounds over 15 months due to tax surcharge increase.
- Slot machine tax to rise to 25% from April 2027.
- Interest tax rates for basic-rate savers to be 24%, higher-rate 44%, and additional-rate 49%.
UK Chancellor John Healey's first budget introduced a range of measures affecting various groups, with some benefiting from tax breaks and others facing increased costs. Pensioners will see their state pension rise and receive a matching personal allowance, while households in band A-D properties will get a 100 pound energy payment. Young entrepreneurs and EV drivers also receive support through new allowances and subsidies. However, banks will pay an additional 1.5 billion pounds over 15 months due to a temporary increase in the corporation tax surcharge. Betting shops will face a higher tax on slot machines, and students and buy-to-let landlords will experience increased tax burdens.