Autumn Budget 2024 Debrief

On 30 October 2024, Rachel Reeves unveiled Labour’s first budget in over 14 years—a blueprint to drive UK economic growth. But with £40bn in tax rises to address a £22bn gap in public finances, does this budget truly deliver growth for UK businesses? 

Our expert panel of economists, business leaders, and policymakers broke down the impact of this bold fiscal plan, examining the challenges and opportunities it brings to the business landscape. Their insights provide a fresh perspective on how to navigate the changes ahead. 

Don’t miss out. Watch the full podcast now to hear what the experts had to say about the future of UK business under the new budget. 

Speakers

Hosted by David McClelland, this discussion will offer unparalleled insights into the future of UK economic policy

Watch the webinar
David McClelland
TV Journalist Host
CFO Playbook Podcast Host and Tech Journalist
LinkedIn
Baroness Ayesha Hazarika
Member of the House of Lords
Labour Peer, Special Advisor to Gordon Brown, Times Radio Host and political commentator.
Sir David Lidington
Former Deputy PM
Former Conservative Deputy Prime Minister and Cabinet Office Minister
LinkedIn
Dr George Dibb
Head of the Centre for Economic Justice
Institute for Public Policy Research
LinkedIn
Pooja Bhachu
Director of Public Policy, UK&I, Mastercard.
Mastercard’s policy engagement lead on financial inclusion, small businesses, and sustainability (UK and EU).
LinkedIn

Related content

Learn more about spend management trends

September Spend Index 2024: Business priorities and trends

Explore our 2024 Summer Spend Index to see how finance leaders are adjusting budgets and investing in key sectors….

Read more →

Autumn Budget 2024 Exec summary

Learn key strategies from the Autumn Budget 2024 to support business growth. Discover the expert insights in our full…

Read more →

Managing Business Spend For Dummies: Soldo Special Edition 

Want to know the basic principles of spend management inside-out? Learn about it this special edition of ‘For Dummies’ series….

Read more →

Frequently asked questions

What is the UK Autumn Budget? 

The UK Autumn Budget or Autumn Statement is an annual financial statement delivered by the Chancellor of the Exchequer, detailing the government’s plans for economic policies, public spending, and taxation adjustments for the coming year. This Budget serves as an update on fiscal priorities and an opportunity to address emerging economic challenges. 

When was the 2024 Autumn Budget announced? 

The 2024 Autumn Budget was presented on October 30, 2024, by the new Labour Chancellor Rachel Reeves. The budget, or statement as it is sometimes referred to, outlined key fiscal changes and investment strategies intended to support households, businesses, and economic growth over the next year. 

What major announcements were included in the Autumn Budget? 

Key tax measures announced that businesses need to consider:

  1. Increase in Employer National Insurance (NI): 
Starting April 2025, the rate that employers pay for NI will increase by 1.2%, from 13.8% to 15%.
  2. Lower NI Threshold for Employers 
From April 2025, employers will start paying NI on salaries above £5,000 (previously £9,100). This means companies will begin paying NI sooner on each employee’s earnings.
  3. Higher Employment Allowance 
Employers can claim up to £10,500 (up from £5,000) off their NI bill. Plus, more businesses are eligible as the £100,000 cap on total NI contributions is being removed.
  4. Reduced Business Rates for Retail, Hospitality, and Leisure 
Starting in 2026, businesses in these sectors will see lower property rates.
  5. Small Business Support on Rates In 2025-26 
Small businesses and high-street shops will benefit from £1.9 billion in support, including a freeze on the small business multiplier and a 40% discount on rates for qualifying properties up to £110,000.
How does the Autumn Budget affect businesses and finance teams? 

The Autumn Budget introduces several tax and regulatory changes impacting business planning:

  • Employer National Insurance Increase: This will raise the cost of employing workers, particularly affecting larger businesses.
  • Business Rates Relief: Temporary relief for retail, hospitality, and leisure sectors, aimed at helping businesses facing rising costs.
  • Investment Incentives: Funding for regional and digital infrastructure projects that could benefit businesses through enhanced logistics and digital accessibility.
When will the changes from the Autumn Budget take effect? 

Most budgetary changes take effect at the start of the next fiscal year on April 1, 2025, though some provisions, such as energy support and specific tax changes, may start immediately. Other policies may be phased in over time or require further legislative approval. 

Related webinars

Explore our collection of related webinars to deepen your understanding and discover more insights on the topic.
View all webinars
Spend Management Solution Indicators Webinar
Soldo • 22 Apr 2025

6 indicators you need a spend management solution

Are messy spend processes slowing your finance team down? In this short webinar, you'll learn how to identify six signs...
    Soldo • 22 Apr 2025

    Spend Management Maturity Framework

    Curious about the four stages of spend management maturity? Find out where your business stands and learn how to boost...
      Spring Budget Webinar Featured Image
      Soldo • 16 Apr 2025

      Navigating the Spring Statement: What Next for UK Business?

      What are the long-term implications of the Chancellor’s Spring Statement? Explore what it means for investment, planning, and financial resilience.
        Soldo • 26 Feb 2025

        5 Productivity Challenges Finance Leaders

        Productivity is critical for business success, but many organisations struggle with inefficiencies that slow growth. Soldo’s 2025 Productivity at Work...
          Soldo • 7 Feb 2025

          A Greener Bottom Line

          Discover how Soldo’s Carbon Tracker helps finance and sustainability teams simplify ESG reporting and track CO2e emissions. Gain practical insights...
            Soldo® 2025 All rights reserved
            The website in all languages and for all markets is provided by Soldo Software Ltd., a company incorporated in the UK with company number 09233754 and VAT: GB204213566, whose registered office is 119 Marylebone Road, London, NW15PU, United Kingdom. All communications related to the website shall be sent to the registered office.

            The software services provided to customers resident in or with registered office in an EEA country or in the UK are provided by Soldo Software Ltd a company incorporated in the UK with company number 09233754 and VAT: GB204213566, whose registered office is 119 Marylebone Road, London, NW15PU, United Kingdom. Soldo Software Ltd (data protection number: ZA 092035) complies with all applicable data protection and privacy legislation in force from time to time in the UK and the EU including the General Data Protection Regulation ((EU) 2016/679) and the Data Protection Act 2018. All the communications related to the software and related services shall be sent to the registered office. Soldo Software Ltd., 119 Marylebone Road, London, NW15PU, United Kingdom.

            The software services provided to customers resident in or with registered office in Italy are provided by Soldo Italia S.r.l. , a company incorporated in Italy with company number 11864540965 at the Registry of companies of Milano, Monza, Brianza, Lodi, VAT: IT11864540965, and registered office at Via degli Olivetani 10/12, 20123 Milano (Italy). Soldo Italia Srl complies with all applicable data protection and privacy legislation in force from time to time in Italy including the General Data Protection Regulation ((EU) 2016/679). All communications related to the software and related services shall be sent to the registered office Soldo Italia Srl, Via degli Olivetani 10/12, 20123 Milano (Italy).

            The financial services provided to customers resident in or with registered office in an EEA country are provided by Soldo Financial Services Ireland DAC, a company incorporated in Ireland with company number 610705, and registered office at 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.  Soldo Financial Services Ireland DAC is regulated by the Central Bank of Ireland. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The card is issued by Soldo Financial Services Ireland DAC pursuant to a licence issued by Mastercard International Inc. Soldo Financial Services Ireland DAC complies with all applicable data protection and privacy legislation in force from time to time in Ireland, including the EU General Data Protection Regulation (EU 2016/679) and the Data Protection Acts 1988 - 2018. All communications related to financial services provided by Soldo Financial Services Ireland DAC shall be sent to Soldo Financial Services Ireland DAC, 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.

            The financial services provided to customers resident in or with registered office in the UK are provided by Soldo Financial Services Ltd., a company incorporated in the UK with company number 09495650, whose registered office is 119 Marylebone Road, London, NW15PU, United Kingdom, authorised as an Electronic Money Institution by the Financial Conduct Authority (firm registration number 900459). Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The card is issued by Soldo Financial Services Ltd pursuant to a licence issued by Mastercard International Inc. Soldo Financial Services Ltd. (data protection number: ZA147304) complies with all applicable data protection and privacy legislation in force from time to time in the UK and the EU including the General Data Protection Regulation ((EU) 2016/679) and the Data Protection Act 2018. All communications related to financial services provided by Soldo Financial Services Ltd shall be sent to Soldo Financial Services Ltd., 119 Marylebone Road, London, NW15PU, United Kingdom.