About our 2024 UK Budget news
Latest news on UK Budget 2024, Autumn Statement and fiscal policy, covering Chancellor Rachel Reeves' announcements on tax, spending, economic growth, compensation schemes and public finances in Britain.
Chancellor Rachel Reeves delivered her first Budget on 30 October 2024, outlining transformative changes to public spending, taxation and economic policy. The Budget included over £100 billion in additional capital investment, major reforms to employer National Insurance, and significant changes to inheritance tax and the non-dom regime, alongside departmental spending increases averaging 4.3% per year in real terms.
Key announcements included increasing employer National Insurance contributions from 13.8% to 15%, while raising the Employment Allowance to £10,500. The Budget maintained the State Pension Triple Lock and confirmed inflation-linked increases to benefits. The Energy Profits Levy rate will rise to 38%, while fuel duty was frozen for another year. Private school fees will attract 20% VAT from January 2025. Notably, the government committed significant funding for compensation payments to victims of the Post Office Horizon IT and Infected Blood scandals, averaging £2.3 billion annually.
The Budget prioritised investment in public services, with £22.6 billion extra for the NHS by 2025-26 to help reduce waiting lists and deliver 40,000 additional weekly appointments. Education received £2.3 billion more for schools, while £500 million was added to the Affordable Homes Programme to support the target of building 1.5 million homes. Social care gets at least £600 million in new grant funding, and £1 billion will extend the Household Support Fund and Discretionary Housing Payments in 2025-26. The National Living Wage will increase to £12.21 per hour, benefiting over 3 million workers.
This Budget marked a significant shift from previous Conservative fiscal policy, with Labour's first Budget since 2010 emphasising public investment alongside efforts to repair the public finances. The Office for Budget Responsibility forecast growth of 2.0% in 2025 and projects that these measures could increase GDP by 1.4% in the long run, while confirming the government is on track to meet its new fiscal rules targeting debt reduction and current budget balance.
The Â鶹´«Ã½ feed provides comprehensive coverage of Budget 2024 developments, expert analysis, and reactions from business groups, economists and opposition parties. Stay informed about how these significant policy changes may affect households, businesses and the broader UK economy through our regularly updated feed drawing from authoritative sources. Our coverage includes detailed examination of fiscal policies, economic forecasts, and implementation progress across all sectors.