Response to the Autumn 2024 Budget
The Budget 2024
I am proud to support this Labour Government’s Autumn 2024 Budget, the first Labour Budget for over 14 years, which delivers on our promises of change for working people. It will fix the foundations of our economy, secure investment for the future and begin the process of rebuilding Britain.
Delivered by the UK’s first female chancellor Rachel Reeves, the Budget prioritised fixing Britain’s key public services, such as the NHS and our education system, and begun the process of stabilising the broken economy left to us by the previous Conservative government. We also ensured that working people would not face higher taxes in their payslips, delivering on our manifesto promises not to increase VAT, national insurance or income tax on working people.
The chancellor highlighted that this budget would turn the page on the last 14 years of economic decline, taking the tough decisions on spending and welfare by tackling fraud, tax avoidance and waste, and making sure that taxpayer’s money is spent efficiently and sets Britain up for future economic growth.
You can read the key announcements included in the Autumn 2024 Budget below:
- Increasing the National Living Wage by nearly 7% – worth up to £1,400 for a full-time worker.
- Injecting an extra £25.6 billion for the NHS over two years to cut waiting lists.
- £2bn extra in NHS technology to improve Britain’s health services.
- No increase in Income tax, National Insurance or VAT for working people.
- Preserving the State Pension Triple Lock, with over 12 million pensioners gaining up to £475 next year.
- A 2.7% real terms increase to the Ministry of Defence’s budget to improve national security.
- Support for the recruitment of 6,500 teachers by increasing the Core Schools Budget by £2.3 billion next year.
- Abolishing the non-dom status.
- Maintaining the fuel duty freeze.
- £30 million to provide free breakfast clubs.
- £500 million investment to build 5,000 new social homes.
- Former mineworkers will receive £1.5 billion that was kept from their pension.
- The biggest increase to Carer’s Allowance eligibility since its introduction.
- £1 billion to help those facing financial hardship via the Household Support Fund.
- 40% relief on business rates, hospitality and leisure sectors.
- £500 million to fix local roads and fill a million potholes.
- Increase in the employment allowance to support small businesses.
- Cracking down on fraud, tax avoidance and waste.
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