More, More, More: Putting the 2024 Autumn Budget in Context

This report analyzes the UK's 2024 Autumn Budget, highlighting significant tax increases and public service spending. The budget introduces a £41 billion annual tax hike, the largest on record, and allocates substantial funding to health and education, aiming to stabilize services rather than transform them. A shift to higher employer National Insurance rates and borrowing-funded public investment signals an effort to balance fiscal responsibility with needed public spending, although unprotected services face potential future cuts. The report also discusses the economic impact of inflation, slow wage growth, and the budget’s limited impact on real living standards, suggesting structural challenges remain for long-term fiscal and economic growth.