Chancellor of the Exchequer's Autumn Budget - 30 October 2024
The Chancellor Rachel Reeves delivered her 2024 Autumn Budget speech yesterday, outlining a range of financial measures. Ms Reeves pledged to 'invest, invest, invest' in order to drive UK economic growth and help restore economic stability whilst she also announced an increase in Capital Gains Tax (CGT) from 10% to 18% for individuals paying the lower rate and from 20% to 24% for those paying the higher rate.
Whilst many individuals will not be immediately impacted by her announcements on a day to day basis, it remains to be seen whether the tax changes announced will drive the desired economic growth, particularly as employers face substantially increased labour costs and with inflation and interest rates forecast to stay higher for longer as a result combined with the effects of fiscal drag policies already put in place by her predecessor.