2024 Autumn Budget - Revision history

Editor: moved Chancellor of the Exchequer delivers Budget 30 October 2024 to 2024 Autumn Budget

2024-10-30T15:59:10Z

moved Chancellor of the Exchequer delivers Budget 30 October 2024 to 2024 Autumn Budget

← Older revision

Revision as of 15:59, 30 October 2024

Editor at 15:04, 30 October 2024

2024-10-30T15:04:20Z

← Older revision		Revision as of 15:04, 30 October 2024
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	* Smashing gangs and boosting the processing of asylum claims forms a crucial part of the government’s plan to cut asylum support costs by more than £4bn over the next 2 years compared to the previous government’s spending trajectory.		* Smashing gangs and boosting the processing of asylum claims forms a crucial part of the government’s plan to cut asylum support costs by more than £4bn over the next 2 years compared to the previous government’s spending trajectory.
	* The Home Office settlement will put us on track to start delivering the manifesto pledge to boost visible neighbourhood policing with 13,000 more neighbourhood officers and PCSOs.		* The Home Office settlement will put us on track to start delivering the manifesto pledge to boost visible neighbourhood policing with 13,000 more neighbourhood officers and PCSOs.
		+
		+	-----
		+	This article was issued via press release as '[https://www.gov.uk/government/news/chancellor-chooses-a-budget-to-rebuild-britain Chancellor chooses a Budget to rebuild Britain]' dated 30 October 2024.

	= Related articles on Designing Buildings =		= Related articles on Designing Buildings =

Editor at 15:03, 30 October 2024

2024-10-30T15:03:00Z

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−	[[File:~~Parliament Red case blurred 1000~~.jpg]]	+	[[File:Parliament_Red_case_blurred_1000.jpg\|link=File:Parliament_Red_case_blurred_1000.jpg]]

	= Chancellor chooses a 'Budget to rebuild Britain' =		= Chancellor chooses a 'Budget to rebuild Britain' =
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	* The Home Office settlement will put us on track to start delivering the manifesto pledge to boost visible neighbourhood policing with 13,000 more neighbourhood officers and PCSOs.		* The Home Office settlement will put us on track to start delivering the manifesto pledge to boost visible neighbourhood policing with 13,000 more neighbourhood officers and PCSOs.

−	[[Category:~~Articles_needing_more_work~~]]	+	= Related articles on Designing Buildings =
		+
		+	* 2023 Autumn Statement in brief with reactions.
		+	* 2023 Spring Budget summary and industry response.
		+	* A second spring budget of 2023.
		+	* Autumn Budget 2018.
		+	* Cash flow budget
		+	* Chancellor's 2022 Autumn statement industry response.
		+	* CIOB responds to the 2024 Spring Budget announcement.
		+	* Difference between cost plan and budget.
		+	* ECA joins calls for unprecedented action on energy prices in Spring Budget.
		+	* CIOB at the party conferences 2022.
		+	* CIOB comments on the Chancellor's Autumn Budget.
		+	* CIOB Ireland responds to Budget 2024.
		+	* CIOB Ireland responds to Budget 2023.
		+	* CIOB Ireland responds to Budget 2022.
		+	* CIOB responds to the 2024 Spring Budget announcement.
		+	* ECA responds to 2024 Spring Budget.
		+	* Economic stability must be a priority for 2023 Spring Budget urges APM.
		+	* Industry responds to the 2024 Spring Budget announcement.
		+	* Scottish Government Budget 2018-19.
		+	* Spring Budget 2017.
		+	* The autumn statement: What is it and does it effect construction ?
		+	* The general election and why a shortage of electrical apprentices matters.
		+
		+	[[Category:DCN_Commentary]] [[Category:DCN_News]] [[Category:DCN_Organisation]] [[Category:News]] [[Category:Organisations]] [[Category:Publications_/_reports]] [[Category:Public_procedures]]

Editor at 14:56, 30 October 2024

2024-10-30T14:56:34Z

← Older revision		Revision as of 14:56, 30 October 2024
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		+	[[File:Parliament Red case blurred 1000.jpg]]
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	= Chancellor chooses a 'Budget to rebuild Britain' =		= Chancellor chooses a 'Budget to rebuild Britain' =

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	* From April 2026, agricultural property relief and business property relief will be reformed. The highest rate of relief will continue at 100% for the first £1 million of combined business and agricultural assets on top of the existing nil-rate bands, fully protecting the majority of businesses and farms. The rate of relief will reduce to 50% after the first £1 million. Reforms will affect the wealthiest 2,000 estates each year. Inheritance tax reforms are predicted by the OBR to raise £2 billion in total to support public services.		* From April 2026, agricultural property relief and business property relief will be reformed. The highest rate of relief will continue at 100% for the first £1 million of combined business and agricultural assets on top of the existing nil-rate bands, fully protecting the majority of businesses and farms. The rate of relief will reduce to 50% after the first £1 million. Reforms will affect the wealthiest 2,000 estates each year. Inheritance tax reforms are predicted by the OBR to raise £2 billion in total to support public services.
	* The government will also uprate alcohol duty in line with RPI, except for most drinks in pubs. To support British pubs, and brewers, the government is reducing duty on qualifying draught products, which represent approximately 3 in 5 alcoholic drinks sold in pubs.		* The government will also uprate alcohol duty in line with RPI, except for most drinks in pubs. To support British pubs, and brewers, the government is reducing duty on qualifying draught products, which represent approximately 3 in 5 alcoholic drinks sold in pubs.
−	* This measure reduces duty bills by over £85 million a year, cutting duty on an average strength pint in a pub by a penny. The value of the relief available to small producers will also be increased to help smaller brewers and ~~cidermakers~~.	+	* This measure reduces duty bills by over £85 million a year, cutting duty on an average strength pint in a pub by a penny. The value of the relief available to small producers will also be increased to help smaller brewers and cider makers.
	* From 2026-27 Air Passenger Duty (APD) rates for short and long-haul flights will be adjusted to partially account for previous high inflation. For economy passengers, this is only a £1 increase for domestic flights, £2 extra for short haul, and £12 more for long-haul flights, with children under the age of 16 remaining exempt from APD. APD for larger private jets will be increased by a further 50%. These changes will help align with the government’s environmental objectives.		* From 2026-27 Air Passenger Duty (APD) rates for short and long-haul flights will be adjusted to partially account for previous high inflation. For economy passengers, this is only a £1 increase for domestic flights, £2 extra for short haul, and £12 more for long-haul flights, with children under the age of 16 remaining exempt from APD. APD for larger private jets will be increased by a further 50%. These changes will help align with the government’s environmental objectives.

−	To further support the government’s mission to fix the NHS, the Budget announces a package of measures that ~~disincentivise~~ activities that cause ill health, by:	+	To further support the government’s mission to fix the NHS, the Budget announces a package of measures that dis-incentivise activities that cause ill health, by:

	* Renewing the tobacco duty escalator which increases all tobacco duty rates by RPI+2% plus an above escalator increase to hand rolling tobacco (totalling RPI+12%).		* Renewing the tobacco duty escalator which increases all tobacco duty rates by RPI+2% plus an above escalator increase to hand rolling tobacco (totalling RPI+12%).
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	The Chancellor has paved the way for growth while doubling down on fiscal responsibility by making reforms to the fiscal framework. This is based on two new fiscal rules: the stability rule and the investment rule.		The Chancellor has paved the way for growth while doubling down on fiscal responsibility by making reforms to the fiscal framework. This is based on two new fiscal rules: the stability rule and the investment rule.

−	The stability rule will balance the current budget, so day-to-day costs are met by revenues.	+	* The stability rule will balance the current budget, so day-to-day costs are met by revenues.
−		+	* The investment rule will ensure that net financial debt is falling as a proportion of GDP. This rule keeps debt on a sustainable path whilst allowing the step change needed for investment.
−	The investment rule will ensure that net financial debt is falling as a proportion of GDP. This rule keeps debt on a sustainable path whilst allowing the step change needed for investment.	+	* Both of these rules will be met two years early in 2027-28.
−		+	* This investment will be underpinned by clear guardrails to ensure it is high quality and well delivered.
−	Both of these rules will be met two years early in 2027-28.	+	* Our ten-year infrastructure strategy will provide industry a vision of the government’s priorities and a credible delivery plan to encourage investment and supply chains.
−		+	* NISTA will be the central body that brings strategy and delivery together under one roof to implement this strategy working across Whitehall and industry.
−	This investment will be underpinned by clear guardrails to ensure it is high quality and well delivered.	+	* Further reforms will help deliver stability by holding Spending Reviews every two years, setting plans for at least three years to ensure public services are always planned and improve value for money. One major fiscal event per year will give families and businesses stability and certainty on tax and spending changes.
−		+	* The Fiscal Lock will ensure no future government can sideline the OBR again, and we are committing to improving the transparency and consistency of the spending information shared with the OBR.
−	Our ten-year infrastructure strategy will provide industry a vision of the government’s priorities and a credible delivery plan to encourage investment and supply chains.	+	* The government will also introduce new controls: that financial investments should by default target a return for the Exchequer that at least covers the government’s cost of borrowing, that all large-scale financial transactions will be managed by expert bodies like the National Wealth Fund, and that the government will publish an annual report on the performance and value of its financial assets based on accounts audited by the National Audit Office.
−		+
−	NISTA will be the central body that brings strategy and delivery together under one roof to implement this strategy working across Whitehall and industry.	+
−		+
−	Further reforms will help deliver stability by holding Spending Reviews every two years, setting plans for at least three years to ensure public services are always planned and improve value for money. One major fiscal event per year will give families and businesses stability and certainty on tax and spending changes.	+
−		+
−	The Fiscal Lock will ensure no future government can sideline the OBR again, and we are committing to improving the transparency and consistency of the spending information shared with the OBR.	+
−		+
−	The government will also introduce new controls: that financial investments should by default target a return for the Exchequer that at least covers the government’s cost of borrowing, that all large-scale financial transactions will be managed by expert bodies like the National Wealth Fund, and that the government will publish an annual report on the performance and value of its financial assets based on accounts audited by the National Audit Office.	+

	= Fixing the NHS and reforming public services =		= Fixing the NHS and reforming public services =

Editor: moved Chancellor chooses a Budget to rebuild Britain to Chancellor of the Exchequer delivers Budget 30 October 2024

2024-10-30T14:54:45Z

moved Chancellor chooses a Budget to rebuild Britain to Chancellor of the Exchequer delivers Budget 30 October 2024

← Older revision

Revision as of 14:54, 30 October 2024

Editor at 14:54, 30 October 2024

2024-10-30T14:54:13Z

← Older revision		Revision as of 14:54, 30 October 2024
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−	= Chancellor ~~of the Exchequer delivers~~ Budget ~~30 Oct, 2024~~ =	+	= Chancellor chooses a 'Budget to rebuild Britain' =

	The Chancellor has delivered a Budget to fix the foundations to deliver on the promise of change after a decade and a half of stagnation. She has set out plans to fix the NHS and rebuild Britain, while ensuring working people don’t face higher taxes in their payslips.		The Chancellor has delivered a Budget to fix the foundations to deliver on the promise of change after a decade and a half of stagnation. She has set out plans to fix the NHS and rebuild Britain, while ensuring working people don’t face higher taxes in their payslips.

Editor at 14:52, 30 October 2024

2024-10-30T14:52:06Z

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Editor at 14:44, 30 October 2024

2024-10-30T14:44:47Z

← Older revision		Revision as of 14:44, 30 October 2024
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−	Chancellor of the Exchequer ~~Rachel Reeves~~ delivers a Budget ~~to fix the foundations of the economy on~~ 30 Oct, 2024.	+	= Chancellor of the Exchequer delivers Budget 30 Oct, 2024 =

	The Chancellor has delivered a Budget to fix the foundations to deliver on the promise of change after a decade and a half of stagnation. She has set out plans to fix the NHS and rebuild Britain, while ensuring working people don’t face higher taxes in their payslips.		The Chancellor has delivered a Budget to fix the foundations to deliver on the promise of change after a decade and a half of stagnation. She has set out plans to fix the NHS and rebuild Britain, while ensuring working people don’t face higher taxes in their payslips.
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	The Budget will help rebuild Britain by boosting public investment by over £100 billion over the next five years while exceeding the manifesto commitment to fix an extra 1 million potholes per year with an additional £500 million for local road maintenance in 2025-26.		The Budget will help rebuild Britain by boosting public investment by over £100 billion over the next five years while exceeding the manifesto commitment to fix an extra 1 million potholes per year with an additional £500 million for local road maintenance in 2025-26.

−	Rebuilding Britain	+	= Rebuilding Britain =

	This government will not make a return to austerity and will instead boost investment to rebuild Britain by investing in the fabric of the country, as well as supporting the industries of the future. This will go towards rebuilding our schools, hospitals and roads, turbocharging the delivery of 1.5 million homes, and unlocking long-term economic growth.		This government will not make a return to austerity and will instead boost investment to rebuild Britain by investing in the fabric of the country, as well as supporting the industries of the future. This will go towards rebuilding our schools, hospitals and roads, turbocharging the delivery of 1.5 million homes, and unlocking long-term economic growth.
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	This comes on top of action already taken under the government’s growth mission including establishing the National Wealth Fund, publishing the Industrial Strategy green paper, and hosting the International Investment Summit.		This comes on top of action already taken under the government’s growth mission including establishing the National Wealth Fund, publishing the Industrial Strategy green paper, and hosting the International Investment Summit.

−	The government is exceeding its manifesto commitment to fix an extra 1 million potholes per year, with an additional £500 million for local road maintenance in 2025-26 – an almost 50% increase on the commitment made by the previous government for the current financial year.	+	* The government is exceeding its manifesto commitment to fix an extra 1 million potholes per year, with an additional £500 million for local road maintenance in 2025-26 – an almost 50% increase on the commitment made by the previous government for the current financial year.
		+	* This brings the total amount dedicated to fixing the roads in England over the next year to nearly £1.6 billion.
		+	* This government is growing day-to-day spending at an average of 2.0% per year in real terms between 2023-24 and 2029-30 to support public services.
		+	* This government is boosting public investment by over £100 billion over the next five years whilst keeping debt on a downward path, with a greater focus on value for money and delivery to help unlock long-term growth.
		+	* Capital investment will increase by £13 billion next year, taking total departmental capital spending to £131 billion in 2025-26. This includes increased investment in local roads maintenance and local transport, supporting everyday journeys, and driving growth in our regional towns and cities.
		+	* The government is also making the reforms needed to deliver sustained growth in the long-term. These include ambitious planning reforms to remove barriers to growth, the development of a 10-year infrastructure strategy to be published alongside Phase 2 of the Spending Review, the publication shortly of the Get Britain Working White Paper, and the establishment of Skills England to ensure we have the highly-trained workforce needed to deliver economic growth.
		+	* An extra £200 million will be given to Metro Mayors for local transport in 2025/26, bringing City Region Sustainable Transport Settlements to over £1.3 billion.
		+	* The government is also announcing over £650 million for improving transport in towns, villages, and rural areas alongside our city regions.
		+	* Single bus fares will be kept down at £3 until the end of 2025, as part of an over £1bn package to support bus services across the country.
		+	* To fully harness its potential and foster a dynamic investment economy, the government is protecting record levels of government R&D investment with £20.4 billion allocated in 2025-26.
		+	* To boost digital infrastructure in under-served areas across the UK and support growth in the digital and technology sectors, the government will invest over £500 million in Project Gigabit and the Shared Rural Network next year.
		+	* A new housing package will include £500 million in new funding for the Affordable Homes Programme, increasing it to £3.1 billion, the biggest annual budget for affordable housing in over a decade. This brings total investment in housing supply to over £5 billion and supports the delivery of tens of thousands of new homes.
		+	* £3 billion of additional support will be provided to SMEs and the Build to Rent sector by expanding existing housing guarantee schemes to support a strong and diverse private housing market.
		+	* The Budget also began the government’s reform of business rates to help level the playing field for high streets across the country as from 2026-27 permanently lower tax rates for retail, hospitality and leisure properties will be introduced. This will be funded sustainably by introducing a higher multiplier for the most valuable properties, including distribution warehouses used by online giants.
		+	* To support the transition, the Chancellor also announced a 40% relief for retail, hospitality and leisure, up to a cap of £110,000 per business. The small business multiplier will also be frozen next year to protect against inflationary increases. This support is worth almost £2.4 billion over the next five years. One third of business properties will continue to pay no business rates because of Small Business Rates Relief.

−	~~This brings the total amount dedicated to fixing the roads in England over the next year to nearly £1.6 billion.~~	+	= Fixing the NHS and reforming public services =
−		+
−	~~This government is growing day-to-day spending at an average of 2.0% per year in real terms between 2023-24 and 2029-30 to support public services.~~	+
−		+
−	This government is boosting public investment by over £100 billion over the next five years whilst keeping debt on a downward path, with a greater focus on value for money and delivery to help unlock long-term growth.	+
−		+
−	Capital investment will increase by £13 billion next year, taking total departmental capital spending to £131 billion in 2025-26. This includes increased investment in local roads maintenance and local transport, supporting everyday journeys, and driving growth in our regional towns and cities.	+
−		+
−	The government is also making the reforms needed to deliver sustained growth in the long-term. These include ambitious planning reforms to remove barriers to growth, the development of a 10-year infrastructure strategy to be published alongside Phase 2 of the Spending Review, the publication shortly of the Get Britain Working White Paper, and the establishment of Skills England to ensure we have the highly-trained workforce needed to deliver economic growth.	+
−		+
−	~~An extra £200 million will be given to Metro Mayors for local transport in 2025/26, bringing City Region Sustainable Transport Settlements to over £1.3 billion.~~	+
−		+
−	~~The government is also announcing over £650 million for improving transport in towns, villages, and rural areas alongside our city regions.~~	+
−		+
−	~~Single bus fares will be kept down at £3 until the end of 2025, as part of an over £1bn package to support bus services across the country.~~	+
−		+
−	~~To fully harness its potential and foster a dynamic investment economy, the government is protecting record levels of government R&D investment with £20.4 billion allocated in 2025-26.~~	+
−		+
−	To boost digital infrastructure in under-served areas across the UK and support growth in the digital and technology sectors, the government will invest over £500 million in Project Gigabit and the Shared Rural Network next year.	+
−		+
−	A new housing package will include £500 million in new funding for the Affordable Homes Programme, increasing it to £3.1 billion, the biggest annual budget for affordable housing in over a decade. This brings total investment in housing supply to over £5 billion and supports the delivery of tens of thousands of new homes.	+
−		+
−	~~£3 billion of additional support will be provided to SMEs and the Build to Rent sector by expanding existing housing guarantee schemes to support a strong and diverse private housing market.~~	+
−		+
−	The Budget also began the government’s reform of business rates to help level the playing field for high streets across the country as from 2026-27 permanently lower tax rates for retail, hospitality and leisure properties will be introduced. This will be funded sustainably by introducing a higher multiplier for the most valuable properties, including distribution warehouses used by online giants.	+
−		+
−	To support the transition, the Chancellor also announced a 40% relief for retail, hospitality and leisure, up to a cap of £110,000 per business. The small business multiplier will also be frozen next year to protect against inflationary increases. This support is worth almost £2.4 billion over the next five years. One third of business properties will continue to pay no business rates because of Small Business Rates Relief.	+
−		+
−	Fixing the NHS and reforming public services	+

	By repairing the public finances and restoring economic stability, the Budget delivers on a new settlement for public services, increasing day to day spending for public services by 3.3% on average in real terms over this year and next to fix the NHS, boost the education system and repair the criminal justice system.		By repairing the public finances and restoring economic stability, the Budget delivers on a new settlement for public services, increasing day to day spending for public services by 3.3% on average in real terms over this year and next to fix the NHS, boost the education system and repair the criminal justice system.
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	The Home Office settlement will put us on track to start delivering the manifesto pledge to boost visible neighbourhood policing with 13,000 more neighbourhood officers and PCSOs.		The Home Office settlement will put us on track to start delivering the manifesto pledge to boost visible neighbourhood policing with 13,000 more neighbourhood officers and PCSOs.

−	Protecting working people and living standards	+	= Protecting working people and living standards =

	While fixing the inheritance requires tough decisions, the Chancellor has committed to protecting the living standards of working people. The decisions taken by the Chancellor to rebuild public finances enable the government to deliver on its pledge to not increase National Insurance, VAT, or Income Tax on working people, meaning they will not see higher taxes in their payslip. In addition:		While fixing the inheritance requires tough decisions, the Chancellor has committed to protecting the living standards of working people. The decisions taken by the Chancellor to rebuild public finances enable the government to deliver on its pledge to not increase National Insurance, VAT, or Income Tax on working people, meaning they will not see higher taxes in their payslip. In addition:
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	In addition, working-age benefits and the Additional State Pension will rise by 1.7% in April 2025, in line with inflation. This increase will see around 5.7 million families on Universal Credit gain an average of £150 annually.		In addition, working-age benefits and the Additional State Pension will rise by 1.7% in April 2025, in line with inflation. This increase will see around 5.7 million families on Universal Credit gain an average of £150 annually.

−	Repairing public finances	+	= Repairing public finances =

	The Chancellor has made clear that, whilst protecting working people with measures to reduce the cost of living, there would be difficult decisions required on tax. The Budget will ask businesses and the wealthiest to pay their fair share while making taxes fairer. This will go directly towards fixing the foundations and funding public services such as the NHS and education.		The Chancellor has made clear that, whilst protecting working people with measures to reduce the cost of living, there would be difficult decisions required on tax. The Budget will ask businesses and the wealthiest to pay their fair share while making taxes fairer. This will go directly towards fixing the foundations and funding public services such as the NHS and education.

Editor at 14:30, 30 October 2024

2024-10-30T14:30:25Z

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