In a recent announcement, Prime Minister Keir Starmer outlined the key points of the upcoming October 2024 Budget, emphasising that it will be a challenging one. He described the budget as “painful,” highlighting the need for significant financial adjustments to address the economic issues inherited from the previous government.
The Prime Minister pointed out a £22 billion shortfall in public finances, which he attributed to the previous administration’s mismanagement. He stressed that while income tax, VAT, and National Insurance will not be increased, other tax rises are likely to be introduced.
The Prime Minister also mentioned the removal of winter fuel payments for around 10 million pensioners as part of the difficult decisions his government has to make.
The overarching message was one of short-term pain for long-term gain, with Starmer urging the public to accept these tough measures to ensure a more stable and prosperous future.
This announcement sets the stage for Chancellor Rachel Reeves’ first budget, which will be presented on October 30, 2024.
