The chancellor is unveiling the budget for 2024. Here are the key points so far, with the latest at the top:
• £230m to be spent on speeding up police response and officers’ time, including by allowing people to report crimes by video call.
• NHS to get additional £2.5bn this year to tackle issues including waiting lists.
• Planned growth in day to day public sector spending to be maintained at 1% in real terms but Hunt says “we are going to spend it better”. Includes funding NHS productivity plan “in full” to boost digital transformation.
• Eligible film studios in England will secure 40% relief on their gross business rates until 2034. Tax reliefs made permanent at 45% for touring and orchestral productions and 40% for non-touring productions.
• A new British ISA will allow an additional £5,000 annual investment for investments in UK equity. Includes all tax advantages of other ISAs and will be on top of the existing ISA allowances.
• To help people save, a new British Savings Bond, delivered through NSNI, will offer a guaranteed rate, fixed for 3 years.
Money blog: What budget means for you
• A £160m deal agreed with Hitachi to purchase the Wylfa site in Ynys Môn and the Oldbury site in South Gloucestershire under efforts to deliver nuclear power ambitions.
• A series of levelling-up measures includes £100m for areas including High Peak, Dundee, Conwy, Erewash, Redditch and Coventry to support “cultural projects”.
• Scotland to get extra £300m, Wales £170m and Northern Ireland £100m under the Barnett Formula.
• Full Expensing for businesses will apply to leased assets in future “when affordable”. Draft Bill to be published shortly.
• Office for Budget Responsibility predicts UK GDP growth of 0.8% (0.7%) in 2024 and 1.9% (1.4%) in 2025. Figures in brackets are OBR’s predictions last November.
• Office for Budget responsibility expects Treasury borrowing of 91.7% of GDP (91.6%) in 2024/25, 92.8% (92.7%) in 2025/26. Figures in brackets are OBR’s predictions last November.
• No change to fuel duty, with 5p cut announced in March 2022 still in place.
• Alcohol duty freeze extended until February 2025.
• Household Support Fund extended for further six months.
• £90 charge to get a debt relief order is abolished.
• Increase in repayment period from 12 to 24 months for new budgeting advance loans for people on low incomes.
• Office for Budget Responsibility sees inflation coming in below target within “months”.
• Jeremy Hunt: “Because we are delivering the prime minister’s economic priorities, we can now help families not just with temporary cost of living support but with permanent cuts in taxation.”
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