The first ever lady Chancellor of the Exchequer of the United Kingdom, Rachel Reeves, delivered her maiden Autumn Budget Statement 2024 on Wednesday 30 October. Along with an updated economic forecast from the Office for Budget Responsibility (OBR). Finally, three long months after coming to power, she set out the government’s taxing, borrowing and spending plans.
In the first opportunity for the Labour party in over 14 years, the Chancellor began by saying the Conservative party had presided over a period of economic decline that, she believed, had left the country and its public services in bad shape.
Investment is very much on her mind, with a plan to spend an extra £70bn a year on growing UK plc. To do that, she needs money. And the money she intends to spend will come from tax rises. Big tax rises. On top of this, the government also plans to borrow a lot more money.
With plans to raise £40bn, the Chancellor renewed her promise not to put these rises on ‘working people’ without precisely defining who she meant. ‘I know that this is a difficult choice,’ she said. ‘I do not take this decision lightly. We are asking businesses to contribute more, and I know that the impact of this measure will be felt beyond businesses, but in the circumstances that I have inherited, it is the right choice to make.’
What does the Autumn Budget Statement 2024 mean for you?
Our comprehensive Autumn Budget Statement 2024 guide looks at these pivotal announcements and what they could mean for your personal finances or your business. If you want to find out more or to discuss how the announced measures might affect you, please contact us for further details.
