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ARTICLE · 01 NOVEMBER 2024

Autumn Budget 2024

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The first Budget after a change of government is always a moment of consequence and this was no exception.

United KingdomTax
David Gauke
David Gauke

The first Budget after a change of government is always a moment of consequence and this was no exception. The measures announced by Rachel Reeves may have been heavily trailed, but this does not diminish the reality that this was a significant political and economic event.

A new fiscal direction: increased spending and higher taxes

The big picture analysis is straightforward. The Government is increasing spending compared to the plans that it inherited. This applies to both day-to-day spending on public services and public investment. This is funded by higher taxes (£40bn, in cash terms the biggest tax raising budget in the UK's history) and higher borrowing. The definition of "debt" for the purposes of the fiscal rules has been changed to make it more permissive of higher levels of capital expenditure.

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