UK Autumn Budget 2024

The newly appointed Labour government has unveiled its first Autumn Budget, aiming to lay a stronger foundation for the economy and deliver meaningful change by supporting working people, addressing NHS challenges, and rebuilding Britain.

Key budget elements include new fiscal stability rules, significant investments in public services, tax reforms, a higher minimum wage, and business support measures. One of the budget’s main objectives is to revive economic growth, which has remained stagnant in the UK. Through a £100 billion capital fund over five years and targeted investments in infrastructure, education, and research, the budget seeks to boost productivity and growth. With business tax incentives and workforce training programs like Skills England, it aims to prepare workers for emerging industries, fostering innovation and long-term resilience.

Tax reforms, a focal point of the budget, are projected to raise an additional £40 billion, with changes mainly targeting wealthier individuals and corporations—such as increased capital gains tax and higher employer National Insurance. Meanwhile, the personal income tax threshold will rise with inflation, ensuring people aren’t pushed into higher tax brackets due to inflation-related pay increases.

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