Welcome to City AM’s Autumn Budget 2024 live blog in association with RBC Wealth Management.
Later today, the Chancellor, Rachel Reeves, will set out Labour’s tax and spending plans for the year ahead in the party’s first budget since coming to power over the summer.
The Treasury has already outlined some key spending commitments ahead of the Budget.
The government has confirmed a large boost in affordable housing, with £500m in new funding outlined to help build up to 5,000 social homes and bring total investment in housing supply to £5bn as part of the Affordable Homes Programme.
Rachel Reeves has also earmarked £1.8bn for expanding government-funded childcare and £15m of capital funding for school-based nurseries.
The government is expected to put aside up to £10bn for the NHS in the Autumn Budget and outline plans to deliver 40,000 hospital appointments per week.
It has also been confirmed that in her Budget the Chancellor will also hike the minimum wage by an inflation-busting 6.7 per cent from April next year.
And there’s been news that the bus fare cap, which has been fixed at £2 on more than 4,600 routes in England since 1 January 2023 will rise to £3 at the end of the year.