Spring Budget 2024 Rundown 👇

Taxes CUT
EXTRA cost of living support
MORE support for parents
NEW investment in our NHS

The economy is turning a corner. Let’s stick with the plan that’s starting to work.

Because we have stuck to our long-term plan:

• inflation is more than halved
  
  
• debt is on track to fall
  
  
• mortgage rates are starting to come down
  
  
• wages are rising

So our economy is turning a corner. And that’s why we can afford to cut your taxes.

➡ National Insurance cut from 12% to 8%

➡ National Insurance Contributions for the self-employed cut from 9% to 6%

➡ Fuel and alcohol duty frozen

Tax cuts. Duties frozen. Mortgage rates falling. Wages rising faster than prices. See the details below 👇

Since the Autumn Statement, we’ve cut National Insurance from 12% to 8%. That’s a tax cut of £900 for someone on an average wage of £35,400.

And we’re providing extra support for the self-employed too. We’re cutting the main rate of Class 4 National Insurance contributions from 9% to 6% – that’s a tax cut of about £650 for the average self-employed worker on £28,000 a year.

The last few years have been tough for families across Britain. That’s why we’ve stayed focused on our plan: halving inflation, growing the economy and reducing debt. And the plan is paying off. 

Inflation has fallen from 11.1% to 4.0%, the economy has performed better than forecast, wages are rising, mortgage rates are starting to come down, the economy has outperformed European neighbours and debt is on track to fall as a share of the economy.

That’s why we have been able to afford to cut your taxes since the Autumn Statement – slashing National Insurance from 12% to 8%.

And to end the unfairness of people paying taxes twice on their earnings, we want a simpler system where people pay tax only once. 

We will continue to make work truly pay and cut National Insurance again when it is responsible to do so – when it can be achieved without increased borrowing and when it can be delivered without reducing the high quality of our public services.

On top of tax changes, we’re investing an extra £2.45 billion of support in the NHS next year and we’ve got a fully funded plan to increase productivity.

And we’re helping families with the cost of living and supporting local businesses by freezing fuel duty and alcohol duty again.

We’re also extending the Household Support Fund, helping the most vulnerable families with the cost of essentials like food and utility bills.

We’re delivering for everyone, no matter what you earn.

We’re supporting parents with Child Benefit changes by altering the High-Income Child Benefit Charge. 

By raising the threshold from £50,000 to £60,000, we’re taking 170,000 families out of paying it altogether. So those families will keep £1,260 more on average. 

And we’re moving towards a household system for the High-Income Child Benefit Charge, ending the unfairness for single-earner families. So parents never have to choose between work and childcare. 

We’ve taken the tough long-term decisions to secure a brighter future. And our plan is starting to work.

Meanwhile, Labour can’t say what they will do because they don’t have a plan. And that means they would take us back to square one, with families paying the price.

Only the Conservatives have a plan. And that plan is starting to work. Let’s stick with it. <<<Conservative Spring Budget 2024>>>