Autumn Budget 2024 Debrief

On 30 October 2024, Rachel Reeves unveiled Labour’s first budget in over 14 years—a blueprint to drive UK economic growth. But with £40bn in tax rises to address a £22bn gap in public finances, does this budget truly deliver growth for UK businesses? 

Our expert panel of economists, business leaders, and policymakers broke down the impact of this bold fiscal plan, examining the challenges and opportunities it brings to the business landscape. Their insights provide a fresh perspective on how to navigate the changes ahead. 

Don’t miss out. Watch the full podcast now to hear what the experts had to say about the future of UK business under the new budget. 

Speakers

Hosted by David McClelland, this discussion will offer unparalleled insights into the future of UK economic policy

Watch the webinar
David McClelland
TV Journalist Host
CFO Playbook Podcast Host and Tech Journalist
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Baroness Ayesha Hazarika
Member of the House of Lords
Labour Peer, Special Advisor to Gordon Brown, Times Radio Host and political commentator.
Sir David Lidington
Former Deputy PM
Former Conservative Deputy Prime Minister and Cabinet Office Minister
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Dr George Dibb
Head of the Centre for Economic Justice
Institute for Public Policy Research
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Pooja Bhachu
Director of Public Policy, UK&I, Mastercard.
Mastercard’s policy engagement lead on financial inclusion, small businesses, and sustainability (UK and EU).
LinkedIn

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Frequently asked questions

What is the UK Autumn Budget? 

The UK Autumn Budget or Autumn Statement is an annual financial statement delivered by the Chancellor of the Exchequer, detailing the government’s plans for economic policies, public spending, and taxation adjustments for the coming year. This Budget serves as an update on fiscal priorities and an opportunity to address emerging economic challenges. 

When was the 2024 Autumn Budget announced? 

The 2024 Autumn Budget was presented on October 30, 2024, by the new Labour Chancellor Rachel Reeves. The budget, or statement as it is sometimes referred to, outlined key fiscal changes and investment strategies intended to support households, businesses, and economic growth over the next year. 

What major announcements were included in the Autumn Budget? 

Key tax measures announced that businesses need to consider:

  1. Increase in Employer National Insurance (NI): 
Starting April 2025, the rate that employers pay for NI will increase by 1.2%, from 13.8% to 15%.
  2. Lower NI Threshold for Employers 
From April 2025, employers will start paying NI on salaries above £5,000 (previously £9,100). This means companies will begin paying NI sooner on each employee’s earnings.
  3. Higher Employment Allowance 
Employers can claim up to £10,500 (up from £5,000) off their NI bill. Plus, more businesses are eligible as the £100,000 cap on total NI contributions is being removed.
  4. Reduced Business Rates for Retail, Hospitality, and Leisure 
Starting in 2026, businesses in these sectors will see lower property rates.
  5. Small Business Support on Rates In 2025-26 
Small businesses and high-street shops will benefit from £1.9 billion in support, including a freeze on the small business multiplier and a 40% discount on rates for qualifying properties up to £110,000.
How does the Autumn Budget affect businesses and finance teams? 

The Autumn Budget introduces several tax and regulatory changes impacting business planning:

  • Employer National Insurance Increase: This will raise the cost of employing workers, particularly affecting larger businesses.
  • Business Rates Relief: Temporary relief for retail, hospitality, and leisure sectors, aimed at helping businesses facing rising costs.
  • Investment Incentives: Funding for regional and digital infrastructure projects that could benefit businesses through enhanced logistics and digital accessibility.
When will the changes from the Autumn Budget take effect? 

Most budgetary changes take effect at the start of the next fiscal year on April 1, 2025, though some provisions, such as energy support and specific tax changes, may start immediately. Other policies may be phased in over time or require further legislative approval. 

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