The UK’s Autumn Budget 2024, presented by Chancellor Rachel Reeves, reflects a commitment to economic growth, household support, and fiscal responsibility, as outlined in Parliament on October 30, 2024. The budget prioritizes key areas such as healthcare, cost-of-living relief, and infrastructure investments, while aiming to maintain the government's fiscal rules for a stable economic future.
One significant feature of the budget is the investment in healthcare, with an allocation to reduce NHS waiting times and increase staffing to help ease pressure on the system. The budget provides funding for an additional 40,000 weekly NHS appointments, aiming to address challenges in timely healthcare access【7†source】.
In response to the cost-of-living crisis, which has been a major issue in recent years, the government has introduced measures aimed at easing pressures on working households. Among these is a boost to the minimum wage, which will rise to £11.00 per hour for adults, intended to improve incomes for the lowest earners. Additionally, an expansion of the Help to Save scheme seeks to encourage savings among low-income households, and adjustments to Universal Credit are set to reduce cuts, aiming to make welfare benefits more beneficial for recipients【8†source】.
Economic growth remains a core objective, and Reeves emphasized a renewed industrial strategy. This plan, part of a decade-long economic vision, includes infrastructure upgrades and investment in clean energy initiatives. The budget sets aside funds for public transport improvements, green technology, and business incentives aimed at making the UK a global leader in sustainable industries【9†source】.
Despite increased spending in targeted areas, the government has maintained a focus on fiscal discipline, in line with self-imposed fiscal rules. The budget seeks to keep borrowing under control, with projections indicating that government debt, currently at nearly 99% of GDP, should gradually decrease over the next five years as economic growth and higher tax revenues bolster public finances【7†source】【8†source】.
In summary, the Autumn Budget 2024 attempts to balance immediate financial relief and long-term investments with fiscal sustainability, as the government navigates a period of economic recovery and evolving priorities in healthcare, cost-of-living support, and sustainable growth.