On 30 October 2024 Rachel Reeves delivered Labour's first Budget in 14 years, raising taxes by about £40 billion, chiefly through a 1.2-point increase in employers' National Insurance to 15% and a lower threshold. The government changed the fiscal framework and set out more than £100 billion of additional public investment over five years. The Office for Budget Responsibility assessed higher spending, taxation and borrowing relative to previous plans and only a small change to medium-term growth.
Recorded event summary.
On 30 October 2024 Rachel Reeves delivered Labour's first Budget in 14 years, raising taxes by about £40 billion, chiefly through a 1.2-point increase in employers' National Insurance to 15% and a lower threshold. The government changed the fiscal framework and set out more than £100 billion of additional public investment over five years. The Office for Budget Responsibility assessed higher spending, taxation and borrowing relative to previous plans and only a small change to medium-term growth.
The Budget mixes higher business taxes (which can pass through to prices and wages) with extra public investment and support; the net effect on household cost-of-living pressure is ambiguous, so direction is neutral.
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