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The date of the 2024 budget was confirmed by HM Treasury on 27 December 2023. It is expected to be the last budget to be presented before the next general election. During the 2023 autumn statement, Hunt reduced National Insurance by 2% and announced tax relief for businesses.
Chancellor Jeremy Hunt delivers the 2024 United Kingdom budget. Among the measures introduced are a 2% cut in National Insurance, the abolishing of non-dom status, a new tax on vapes, and a £3.4bn plan to modernise the NHS's IT system.
Budget Revenue Expenditure Deficit/(Surplus) Budget Report 2024, March: 2023, March: 2022, November: 2022, September mini-budget: TBC TBC TBC 2021, October: £929 billion £1.045 trillion £116 billion 2021, March: £819 billion £1.053 trillion £234 billion 2020, March: £873 billion £928 billion £55 billion 2018: £810 billion £842 billion
Economic growth of 1.8% was predicted for 2024, rising to 2.5% in 2025 then falling slightly to 2.1% in 2026. The UK's rate of inflation was predicted to fall to 2.9% by the end of 2023, down from 10.7% in the final three months of 2022, while underlying debt was forecast to be 92.4% of GDP in 2023, rising to 93.7% in 2024.
On 18 December 2023, Sunak told journalists that the election would take place in 2024 rather than January 2025. On 4 January, he first suggested the general election would probably be in the second half of 2024. On 22 May 2024, following much speculation through the day, Sunak confirmed the election would be held on 4 July.
2023-24 () UK government spending; Presented: 15 March 2023: Passed: 11 July 2023: Total revenue: £1,058 billion: Total expenditures: £1,189 billion: Deficit: £131 billion: GDP: £2,650 billion: Website: https://www.gov.uk/government/topical-events/spring-budget-2023
Chancellor Jeremy Hunt delivers the 2024 United Kingdom budget. Information published by the Department for Science, Innovation and Technology reveals that £15,000 in damages was paid to academic Kate Sand after Science Minister Michelle Donelan described her as a Hamas supporter in 2023; Donelan retracted the allegations on 5 March.
Financial years are designated by the calendar year of the second half of the period. For example, financial year 2024 is the 12-month period ending on 30 June 2024 and can be referred to as FY2023/24. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises.
It is expected that the measures will cause borrowing to fall to 4.5% of GDP in 2022–23, 3.5% in 2023–24, 2.9% in 2024–2025, and 2.8% in 2025–2026. The national debt is expected to rise from 88.8% of GDP in 2021 to 93.8% in 2022, 97.1% in 2023–24, 97% in 2024–2025 and 96.8% in 2025–2026.
That is, the tax cuts offered shortly before the election were funded by proposed budget cuts to take place in the period from 2024 to 2029. To balance the budget, these cuts would need to take place on a scale similar to the first phase of austerity in the 2010-2015 parliament, including around 20% of unprotected departments such as justice ...