Historic 2024 Autumn Budget Unveiled by Chancellor Rachel Reeves
The 2024 Autumn Budget, presented by Chancellor Rachel Reeves, marks a historic moment as the first budget delivered by a woman in the UK. With plans to increase government spending by 2% of GDP annually, the budget focuses on enhancing public services, including transport and housing, while introducing significant tax changes like higher employer National Insurance contributions and capital gains tax. This budget aims to restore economic stability and address pressing issues in the UK economy.
UK Public Sector Debt Hits 100% of Economic Output for First Time Since 1960s
The UK has hit a significant economic milestone, with public sector debt reaching 100% of its annual economic output for the first time since the 1960s. This alarming statistic, released by the Office for National Statistics, raises concerns about public finance sustainability as Chancellor Rachel Reeves prepares to address a £22 billion financial gap. With rising government borrowing and increasing expenditures, all eyes are on the upcoming budget announcement on 30 October, which will outline the government’s strategy for economic recovery.