The Budget for 2025 has been unveiled by Chancellor of the Exchequer Rachel Reeves, with the UK poised for a £26bn tax hike.
This follows the £40bn tax increase implemented during the Budget in 2024, which was the first to be helmed by a Labour Government in more than 14 years.
Alongside the tax rise, Reeves laid out several other changes which will affect both retailers and beauty brands alike.
This includes minimum wage increases, a freeze on income tax thresholds until the end of the 2030/31 financial year, and attempts to decrease the Cost of Living.
“Investment, not cuts, to our public services,” said Reeves.
Stability for our public finances – the single most important factor in getting the cost of living down;
“And economic growth – the best means to improve wages, create jobs, and support public services.”
Cosmetics Business rounds up the key takeaways from this year’s budget that the beauty industry needs to be aware of.
To read the Labour Government’s full Budget report, click the link here.
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