Autumn Budget 2024: When is it and what can you expect?

14 October 2024, 12:53 | Updated: 14 October 2024, 14:43

Chancellor Rachel Reeves will deliver Labour's first budget on Wednesday October 30 amid growing pressure to raise revenue and boost growth.

What is likely to be in it?

The budget will reveal the government's spending plans for the upcoming year. As the first budget under a new government, Rachel Reeves' plans will also give more insight into what the economy will look like under Labour.

Chancellor Rachel Reeves has warned of “tough decisions” at the spending review as Labour says it needs to plug a £22 billion “black hole” in the public finances left by the Conservatives.

The Prime Minister has said the Budget will focus on boosting living standards, reviving the NHS and “rebuilding Britain”, signalling investment in schools, housing and transport

What happens on the day?

After Prime Minister’s questions at midday the Chancellor will stand up to deliver the budget.

She will set out plans for taxes, and commitments for public services like health, schools and the police.

Alongside the budget, the Treasury publishes its own report setting out full details of the spending plans.

The independent Office for Budget Responsibility (OBR) also assesses the plans, with their findings released shortly afterwards.

The Conservative leader will then have a chance to respond to the Chancellor’s statement.

The budget speech normally starts at about 12.30pm and lasts around an hour.

What measures have been trailed?

The 2024 Autumn Budget could include:

• Tax hikes on capital gains and inheritance tax- There has been speculation as to which taxes could be raised in the Budget after Labour committed not to increase national insurance, income tax or VAT.
• Rise in Employer National Insurance- Labour argues that raising the pledge not to raise national insurance in Labour’s manifesto applies to employees seemingly providing cover to raise the tax on employers.
• Changes to fiscal rules- Ms Reeves will need to choose whether to amend fiscal rules to allow more borrowing to fund public spending.
• Scrapping Non-Dom Tax Status - So-called Non-doms only pay tax on money earned in the UK
• Fuel duty- Labour has declined to confirm whether they will continue the previous Tory administration’s fuel duty freeze
• Pension taxation- the chancellor has various options to raise money by raising taxes on pensions, such as reducing the cap on tax-free lump sums from pension pots or reducing employer tax breaks for contributing to employee's pensions.