Autumn Budget 2024: Your guide to key FAQs

What is the Autumn Budget?

The Autumn Budget is an update from the Government, detailing plans for the economy based on the latest forecast from the Office for Budget Responsibility (OBR). It covers a review of the public finances and whether the Government will meet its own fiscal objectives.

When is the Autumn Budget 2024?

The Chancellor Rachel Reeves will announce her first Autumn Budget on 30 October 2024.

What could be announced in the Autumn Budget 2024?

Chancellor Rachel Reeves has confirmed that Labour will have to raise taxes in a bid to claw back some of the Government's £22bn debt, changes are expected to be announced to Capital Gains Tax, Pensions, Inheritance Tax and Business Property Relief, discover our predictions in full here.

What time will the Autumn Budget start?

No time has been set for the Autumn Budget, but the announcements usually begin at 12:30 and last for around an hour.

Where does the Budget speech take place?

The Chancellor of the Exchequer makes the budget speech at the House of Commons on a date set by the Government.

What were the key takeaways from the Spring Budget 2024?

Conservative Chancellor Jeremy Hunt presented the Spring Budget on 6 March 2024, promising a raft of measures to enhance growth, including

Employees paying NIC at 8% on annual earnings between £12,570 and £50,270, with 2% applying above that level.
The Government consulting on how child benefits could be applied on household income, rather than an individual’s income.
The abolition of the existing non-domicile tax regime commencing from 6 April 2025, replacing it with a new regime limiting foreign income and gain benefits to a four-year period.
Alcohol duty freeze extension to February 2025 while fuel duty rates were frozen until March 2025.
Creation of an ISA with an additional £5K tax-free allowance for investments in UK equities, meaning the threshold for business for VAT registration will rise from £85k to £90k.

A full summary of the spring budget can be found here.

What were the key takeaways from the last Autumn Statement in 2023?

The Chancellor Jeremy Hunt presented his Autumn Statement on 22 November 2023 promising:

A reduction of 2% in employee national insurance contributions from 12% to 10% from January 2024.
Abolishment of Class 2 National Insurance Contributions (NIC) for the self-employed, simplifying tax administration and saving around 2 million individuals £192 a year. The Class 4 National Insurance Contribution main rate would be reduced by 1% to 8% from 6 April 2024.
The introduction of the pensions ‘pot for life’.
An increase in the National Living Wage from £10.42 to £11.44 per hour.
Full expensing relief introduced in the Spring 2023 Budget is to be made permanent.
a £3 billion increase to the Affordable Homes Guarantee Scheme aimed at delivering 20,000 new homes, as well as improving the quality and efficiency of other houses.

Find out more in our Autumn Statement 2023 summary.

What happened in the 2024 General Election?

In July 2024, the Labour Party won the General Election and Keir Starmer became the new Prime Minister, discover our summary on the general election 2024 here.