30 Oct 2024
Chancellor Rachel Reeves will present the 2024 Autumn Budget today. We will keep you up to date on the key Autumn Budget announcements and supply a summary, which will appear on our website.
According to reports, the Chancellor is looking to increase employers' national insurance contributions (NICs) in order to raise up to £20 billion. Currently, employers pay NICs of 13.8% on an employee's earnings above £175 a week.
Much of the pre-Budget speculation has centred on possible increases to capital gains tax (CGT). Critics point out that the current rates are substantially lower than income tax rates and tend to benefit wealthier people.
Ms Reeves also has other options to help raise revenue, including abolishing the 5p cut on fuel duty. Since 2011, fuel duty was frozen, but in 2022 former Chancellor Rishi Sunak cut it by 5p per litre.
Meanwhile, business groups have called on the Chancellor to stimulate economic growth, address the UK's labour and skills shortages and reform the business rates system.