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Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024.
Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to 'invest, invest, invest' to drive growth and 'restore economic stability'.
Ms Reeves said the Budget will raise £40 billion in taxes. Employers' National Insurance contributions (NICs) will be increased from next April while Capital Gains Tax rates will also rise. Inherited pensions will fall within the Inheritance Tax net from April 2027 while reliefs will be reformed on the passing down of agricultural and business assets. The Chancellor also confirmed the introduction of VAT on private school fees and the abolishment of the tax regime for non-UK domiciled individuals.
Ms Reeves said she would protect living standards by unfreezing the thresholds on Income Tax and employee NICs from 2028 while she extended the cut in Fuel Duty for another year. The Chancellor also pledged a decade of 'national renewal' with increased funding for schools and the NHS. Further spending announcements included housing, transport and the aerospace and automotive sectors.
The government's Budget Board must focus on easing the cost of doing business, says the Institute of Directors (IoD).
MPs were recently told that four million calls to HMRC go unanswered each year, risking 'undermining compliance and the government's revenue targets'.
UK soft drinks producers have warned Chancellor Rachel Reeves that proposed changes to the Soft Drinks Industry Levy will damage business confidence and have 'severe economic consequences for the industry'.