Chancellor Jeremy Hunt unveils Spring Budget 2024: Impact on UK workers, motorists, and industries
The Spring Budget for 2024, announced by Chancellor Jeremy Hunt, introduces several key measures affecting a broad spectrum of society, including workers, motorists, parents, and various economic sectors. While some benefit from tax cuts and freeze on duties, others face new levies and a crackdown on tax breaks.
Chancellor Jeremy Hunt’s Spring Budget for 2024 has introduced a variety of measures affecting workers, motorists, parents, investors, and different sectors across the UK. A notable change includes a 2p cut in National Insurance, potentially benefiting millions of workers. Motorists are set to continue enjoying a freeze on fuel duty, offering ongoing savings. Parents will see an increase in the high-income child benefit charge threshold, positively impacting approximately 170,000 families. However, homebuyers experienced a lack of significant relief, and non-doms will face a crackdown on tax breaks. The Budget also targets owners of holiday lets and smokers with a new levy on vaping products alongside an increase in tobacco duties.
Additional measures include an investment in research to enhance British manufacturing, support for the film and creative industries through a 40% corporate tax relief for film and TV studios, and an extension of the Energy Profits Levy on oil and gas companies. This is aimed at making the UK a hub for filmmaking and addressing issues raised by the high energy prices.
The UK Government has also earmarked an extra £100 million for public spending in Northern Ireland in 2024-25, aiming to boost economic growth and investment, especially in the creative and digital industries. Criticism has emerged from various quarters, including Scottish Tories who are disappointed by the energy firms’ tax extension, and the Finance Secretary of Scotland, who argued the Budget prioritises tax cuts over essential public service investments.
Labour’s response to the Budget utilized social media memes to highlight its criticisms, contrasting significantly with the government’s announcements. The Budget reflects the UK government’s efforts to tackle immediate economic challenges while fostering long-term growth across various sectors, despite drawing criticism for some of its measures and priorities.
