Please see our link to The Autumn Budget Summary 2024 delivered by the Chancellor, Rachel Reeves, on Wednesday 30 October 2024
In presenting Labour’s widely anticipated first Budget in 14 years, the Chancellor was faced with a challenging task. Following her announcement of a “black hole” in the public finances, the need to renew the Treasury’s coffers while maintaining Labour’s manifesto promises seemed a tall order.
In the event Ms Reeves outlined a programme of around £41 billion worth of tax increases over the next five years, alongside plans to rebuild tottering infrastructure, the health service, schools and more. Any idea of a return to austerity was quashed, but how this will be achieved is very much in the detail.
In what was widely expected to be Mr Hunt’s final Budget ahead of an election, speculation focused on the trade-offs that might be required around cutting taxes and meeting both fiscal rules and spending commitments.
Ultimately the Chancellor had it both ways, with some headline grabbing measures aimed at easing the tax burden on earners and families, while also introducing some tax increases to cover their costs.
Our summary is on the right for download.
Following Chancellor Jeremy Hunt's Autumn Statement yesterday afternoon, here is our summary to download (on the right)
Despite the fact that he badged these as 110 steps for growth, I think the biggest announcements were the fall in employee National Insurance by 2% to take effect from this coming January, and the rise in state pension by 8.5% from April. The other points can probably be described as tinkering around the edges.
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