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31 Oct 2024

So, did the chancellor deliver on the tests we set out? And what are the key announcements needed and critical flashpoints still to address? In the lead up to the budget we published a briefing, outlining the key investment spending challenges the chancellor would face in this budget. [...] Although the investment splurge boosts growth over the next couple of years, the effect will wear off over the latter part of this parliament, according to the Office for Budget Responsibility. [...] Overall, the budget is a gamble that the benefits of the extra investment will outweigh the impact of the tax rises slated to pay for them. [...] Crucially, the budget suggested that the Treasury would be open to amending the budgets for 2024-25 and 2025-26 in the full three year spending review that will conclude in the spring of 2025. [...] Our initial calculations suggest that without an uptick in the upcoming spring spending review this settlement represents a decrease in home upgrade support for fuel poor homes over the coming three years The funding confirms that the government will continue to support the Boiler Upgrade Scheme, a crucial scheme to support the rollout of heat pumps across the UK.

Authors

Alice Stafford

Pages
10
Published in
United Kingdom