Introduction
Chancellor of the Exchequer Jeremy Hunt delivered his second Spring Budget on 6 March 2024, with headline measures including a further cut to national insurance contributions from April and freeze on fuel duty for another year. In a bid to improve the Conservatives’ fortunes ahead of the general election expected later in the year, the budget also included a surprise increase in the threshold at which parents are charged for claiming child benefit, an extension of the freeze on alcohol duty, an increase in the VAT registration threshold, and a four-point reduction in the higher rate of capital gains tax.
Revenue raising measures in the Budget included an extension of the levy on the oil and gas sector, higher taxes on vapes and tobacco, and scrapping the non-domiciled tax status. That final measure has been advocated by Labour and could force the opposition party to rethink how it will fund its election spending pledges. Hunt also announced a public sector productivity drive to make more room for tax cuts. “The policies I announce today mean more investment, more jobs, better public services, and lower taxes in a budget for long-term growth,” the Chancellor told Parliament.
This Dods Political Intelligence report provides a sector-by-sector breakdown of the Spring Budget 2024 announcements and a range of stakeholder reactions to the measures.
Other Budget 2024 reports:
What to expect in the 2024 Spring Budget – and what stakeholders are calling for