Budget: Key points at a glance

National Insurance, a payroll tax, cut by 2p in the pound for employees and the self-employed. Salary thresholds at which people start paying income tax and national insurance remain frozen. People will pay more tax as their incomes rise, a process called fiscal drag. New tax on vaping and an increase to the salary threshold for claiming child benefit.

National Insurance cut to £10,000, with £5,000 tax allowance for savers investing in UK-focused shares. Full child benefits to be paid to households where highest-earning parent earns up to £60,000. Freeze on alcohol duty, which had been due to end in August, to continue until February 2025. New tax on vaping products from October 2026, linked to levels of nicotine.

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