The chancellor is unveiling the price range for 2024. Here are the important thing factors to this point:
• Scotland to get additional £300m, Wales £170m and Northern Ireland £100m beneath the Barnett Formula.
• Full Expensing for companies will apply to leased belongings in future “when affordable”. Draft Bill to be printed shortly.
• Office for Budget Responsibility predicts UK GDP progress of 0.8% (0.7%) in 2024 and 1.9% (1.4%) in 2025. Figures in brackets are OBR’s predictions final November.
• Office for Budget duty expects Treasury borrowing of 91.7% of GDP (91.6%) in 2024/25, 92.8% (92.7%) in 2025/26. Figures in brackets are OBR’s predictions final November.
Money weblog: What price range means for you
• No change to gas obligation, with 5p minimize introduced in March 2022 nonetheless in place.
• Alcohol obligation freeze prolonged till February 2025.
• Household Support Fund prolonged for additional six months.
• £90 cost to get a debt reduction order is abolished.
• Increase in compensation interval from 12 to 24 months for brand spanking new budgeting advance loans for folks on low incomes.
Budget 2024: Live updates
• Office for Budget Responsibility sees inflation coming in under goal inside “months”.
• Jeremy Hunt: “Because we are delivering the prime minister’s economic priorities, we can now help families not just with temporary cost of living support but with permanent cuts in taxation.”
Source: information.sky.com”