Budget 2024

Chancellor Reeves Drops the Budget Bomb: What’s in Store for Your Wallet?

Discover how Autumn Budget 2024 shakes up your finances with tax rises, wage boosts, and more!

The Autumn Budget 2024 brought a wave of changes that has left individuals and businesses alike buzzing with all sorts of emotions. Chancellor Rachel Reeves stood at the helm of this highly anticipated moment, delivering her inaugural budget for the new Labour government amidst swirling speculation. This budget isn’t just a set of numbers and policies - it’s the government’s promise to bring stability back to the economy and a commitment to supporting working people across the UK.

Reeves announced several key changes, notably a boost in the National Living Wage, aimed at putting more pennies in the pockets of hardworking Britons. While this may sound like a good news story, the Chancellor also unveiled a hefty portion of tax increases targeting businesses and high earners - a staggering £40 billion in tax rises! It’s a balancing act between ensuring everyone pays their fair share while trying to foster economic growth.

However, it wasn't all doom and gloom. The Local Government Association (LGA) pressed the case for lawmakers to address the financial pressures facing local councils. With the budget’s cuts and increases in demand for services like waste disposal and social care, local authorities are looking for assistance to ensure they can continue supporting their communities. This underscores a broader challenge poised by these new changes - balancing stringent fiscal responsibility with the very tangible needs of the populace.

The reception to this budget was inevitably mixed. Individuals seemed cautiously optimistic about wage increments while businesses raised eyebrows over potential tax implications. This contrasts sharply with the upbeat view from the CBI, who claimed that a stable fiscal approach could unlock private sector investments in the much-needed UK infrastructure.

In terms of facts, did you know that the National Living Wage will see an increase, directly affecting millions of workers? And for the businesses out there, it’s essential to remember that the changes in Capital Gains Tax could significantly impact your investment returns. As the dust settles on Budget 2024, the only certainty is change - and perhaps a little more change in your pocket!