Overview of the Autumn Budget 2024
01 November 2024
A mixed bag of tricks for businesses in Labour's first Autumn Budget.
The Autumn Budget was expected to spook businesses with the rumours circulating weeks before the big day about tax rises and a hike to employer’s national insurance. In the end, it was a mixed bag for businesses. Reeves made some significant moves to shore up the Government's finances – the largest hike in employer national insurance contributions in recent memory being a prime example.
At the same time, the Budget also included some targeted support and relief for smaller firms, including the expansion of the employment allowance, the NI discount available to eligible businesses.
Read our Autumn Budget 2024 Summary for more details.
The key features that will affect individuals are:
- National living wage rising by 6.7% to £12.21 per hour.
- Working-age benefits increasing by 1.7% in line with inflation.
- State pension rising by 4.1% under Triple Lock.
- CGT rates increasing to 18% and 24%.
- IHT thresholds frozen until 2030.
- Fuel duty freeze and 5p cut extended for 12 months.
- £1bn extension to Household Support Fund.
- Carer's allowance earnings limit increased significantly.
- Universal Credit debt repayments capped at 15%.