Have your say! Does the 2024 Budget give a boost to working people?

Chancellor of the Exchequer Rachel Reeves leaves 11 Downing Street with traditional red box ahead of revealing Labour government's first budget in House of Commons  in London, United Kingdom on October 30 2024
-Credit: (Image: Anadolu via Getty Images)


The wait for the new Labour government's first Budget in 15 years has ended.

There has been controversy and backlash for months over what could and should be included in the plans for the next year, but today everything was revealed.

Have your say! What are the best and worst parts of Labour's first Budget for 15 years? Comment below, and join in on the conversation below.

READ MORE:Everything we expect to be announced in Autumn Budget 2024

READ MORE:Major tax update that affects millions of workers confirmed in Budget

Prime Minister Keir Starmer had insisted that any Budget announcements would not directly affect the pay of working people. Chancellor Rachel Reeves confirmed the election promise that there would be no increase in the basic, higher or additional rates of income tax, national insurance, or VAT.

The situation on the roads will remain largely unchanged, with the Chancellor maintaining the fuel duty freeze that has become a standard line over the past decade. Carer's allowance thresholds will rise, increasing the amount that a carer can earn while they care for a family member before the carer's allowance benefit is withdrawn from them.

This will now sit at an equivalent of over £10,000 per year, addressing an issue that has plagued carers for years. The employer's contribution to national insurance, which is money paid by businesses on their workers' earnings, will increase - and will be the largest tax-raising measure of today's Budget.

This will disappoint businesses, by cutting into profits or reducing future pay rises, but small businesses will receive some relief from this.

This Budget will bring changes to smoking, vaping, and drinking. Tobacco products are set for a one-off tax increase, with additional rises, and vaping liquid will be taxed for the first time.

The duty on wines and spirits is also set to rise - but pub-goers can expect less tax on a pint, thanks to a reduction in draught duty. Businesses have expressed concerns over alcohol duties, as pubs and hospitality businesses are already under strain.

Retail, hospitality and leisure businesses will receive a 40% relief on their rates, although many have been receiving heavier discounts recently, so today's announcement may be a mixed blessing. These measures, among others in a heavy tax-raising budget, will be used to fund public services and address what the Chancellor described as a £22 billion "black hole" in the public purse.

Billions of pounds will be allocated towards hiring teachers, investing in further education, and tripling the funding for breakfast clubs in schools. Affordable housing will also get a boost, along with hundreds of millions directed towards social care and homelessness schemes in local areas.

To offset the impact of the new £3 bus fare announced this week, £650 million will be invested in public transport nationwide. Road maintenance budgets will also see an increase, in line with the election promise to "fix 1 million potholes".

The majority of the increased tax will be directed towards the NHS, which has endured a challenging decade marked by increasing waiting times and outdated equipment and systems.

Have your say! What are the best and worst parts of Labour's first Budget for 15 years? Comment below, and join in on the conversation below.