The Chancellor of the Exchequer, Rachel Reeves, delivered her maiden Autumn Budget Statement 2024 yesterday, Wednesday 30 October, alongside an updated economic forecast from the Office for Budget Responsibility. Three months after coming to power, she set out the government's taxing, borrowing and spending plans.
It is the first time the Labour party has had a chance to do this in 14 years. The Chancellor began by saying the Conservative party had presided over a period of economic decline that, she said, had left the country and its public services on its knees.
She said the way to turn the country’s fortunes around was to ‘invest, invest, invest’, spending an extra £70bn a year. To do that, she needs money. And the money she intends to use will come from tax rises. Big tax rises. And the government also intends to borrow a lot more money.
The Chancellor set out plans to raise £40bn. She had promised 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 the pivotal announcements and what they could mean for your finances or business. If you want to find out more or to discuss how the announced measures might affect you, please contact us for further details.
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