Five key things set to be announced in autumn 2024 budget

Five key things set to be announced in autumn 2024 budgetVarious

Transcript

00:00The UK budget for 2024 will focus on boosting economic growth.

00:05Chancellor Rachel Reeves will present a first-ever budget on October 30th.

00:11Here are five important things to look out for.

00:14To deliver on our promise of change.

00:16The government plans to change debt rules to borrow an extra £50bn for major infrastructure projects.

00:24This is part of a larger strategy to stimulate growth and improve public finances.

00:30Reeves is expected to raise employer national insurance payments

00:35while Labour pledged before the election not to increase national insurance for employees.

00:40They clarify that this promise does not apply to employers.

00:46The revenue from these tax changes will mainly support the NHS and strengthen public finances.

00:52The government is also considering changes to some consumer taxes.

00:57For example, there may be an increase in taxes on flights from UK airports,

01:04which could lead to higher ticket prices.

01:07Additionally, ministers are facing pressure not to raise full duty,

01:13which has been frozen for over 10 years.

01:16Reeves has set aside £1.4bn to rebuild crumbling schools,

01:23showing a certain commitment to prioritising education and childcare in the budget.

01:30Stay tuned with us for the full announcements to see how these changes might affect you.