The Autumn Budget for 2024 has been unveiled by Chancellor of the Exchequer Rachel Reeves (pictured), with the UK set for a £40bn tax hike.
The first budget helmed by the UK’s Labour Party in nearly 14 years seeks to address the £22bn “black hole” left behind by the previous Conservative government, led by former Prime Minister Rishi Sunak.
“This is a changed Labour party and we will restore stability to our country again,” said Reeves during the Budget announcement on 30 October.
“The scale and seriousness of the situation that we have inherited cannot be underestimated.”
The Budget has committed to, among other things, increased investments in the NHS, schools and housing.
But the proposed changes, which come into effect in April 2025, will also see business rate relief for professional beauty services and retailers reduced from 75% to 40%.
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