30 Jul 2024
Chancellor Rachel Reeves will deliver the 2024 Autumn Budget on Wednesday 30 October, the government has confirmed.
The Budget will include the government's tax and spending plans alongside a full economic and fiscal forecast from the Office for Budget Responsibility (OBR).
During a statement to the House of Commons on 29 July, the Chancellor said that she has inherited a '£22 billion hole' in the public finances and outlined the 'urgent work' required to reduce the pressure on finances by £5.5 billion this year and over £8 billion next year.
Ms Reeves announced that the government will cut winter fuel payments to those not in receipt of pension credits and axe funding for certain infrastructure projects.
The Chancellor also warned that the upcoming Budget will 'involve taking difficult decisions' to meet fiscal rules across spending, welfare and tax.
Ms Reeves stated that the government will 'treat taxpayers' money with respect by ensuring that every pound is well spent' and use the Budget to 'fix the foundations of our economy'.
Commenting on the Autumn Budget, the Chancellor said: 'I can repeat – from the despatch box – our manifesto commitment that we will not increase National Insurance, the basic, higher or additional rates of income tax or VAT.
'And . . . my Right Honourable Friend the Exchequer Secretary is publishing further detail on our manifesto commitments to close tax loopholes and clamp down on tax avoidance to ensure we bring that money in as quickly as possible.'