Budget explainer: key points on doctors' finances and the health service

House of Commons/UK Parliament/PA Wire

By Stephen Robinson

Chancellor Rachel Reeves has delivered Labour’s first budget in almost 15 years – here are the key points affecting doctors’ finances and the NHS.

The new government’s first budget has provided a shakeup in public finances, raising taxes by £40 billion and funding substantial increases in public investment.

Billions have been pledged to reduce NHS waiting times, modernise diagnostics and tackle maintenance backlogs, while implementing a new productivity target for the health service as well as all other government departments.

Businesses will shoulder much of the additional tax burden with a rise to employer national insurance contributions (NICs), as widely rumoured ahead of the budget.

And although the three main personal taxes are untouched, there are rises across capital gains tax, inheritance tax, stamp duty surcharge on second homes and VAT on private school fees.

How does the budget affect personal finances?

While the chancellor stuck to Labour’s manifesto pledges not to raise income tax, national insurance or VAT, there were several other changes affecting some individuals’ finances.