Blog Post
Autumn Budget 2024: a focus on longer term growth
Tom Simper
Oct 31, 2024, 13:00 PM
There was a clear switch in sentiment towards longer term objectives. The Chancellor was clear that all eyes should be on the next 10 years, not just the next 5.
Leading into the Budget, business and consumer confidence indicators took at hit as the Chancellor made it clear the scale of the undertaking required.
And whilst the increased tax burden is clear (mainly met through employer National Insurance increases) there is much to focus on for longer term growth too.
Alongside other large scale investments, £5 billion announced for housing. This is to increase the affordable housing fund and offer support and guarantees to boost housing supply (assisting small house builders).
Local government will also get to keep all the receipts from sale of right-to-buy social housing to allow them to reinvest and rebuild stock levels.
Cladding safety, has been an ongoing and serious concern for many years now; so £1bn of funding to help resolve these outstanding issues is very welcome.
The key tax change for housing was an increase in the stamp duty surcharge for second homes and buy-to-let investors. This will change with immediate effect (Thurs 31st Oct) rising from 3% to 5%.
Critical infra-structure announcements were also made: confirmation of the final HS2 link from Old Oak Common into Euston and also the 'Trans-Pennine' rail up grade. Source: Dataloft by PriceHubble, UK Government, Office for Budget Responsibility October 2024
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