# UK Chancellor Rachel Reeves delivers tax-raising Autumn Budget 2024

Date: 2024

On 30 October 2024 [Rachel Reeves](/people/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.

## Drivers

- Cost-of-Living Pressure: https://factrail.ai/drivers/econ-cost-of-living-pressure

## Sources

_Sources are listed on the canonical page._

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/econ-fact-reeves-2024-autumn-budget