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Presented | 6 March 2024 |
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Parliament | 58th |
Party | Conservative Party |
Chancellor | Jeremy Hunt |
The March 2024 United Kingdom budget was delivered to the House of Commons by Jeremy Hunt, the Chancellor of the Exchequer, on 6 March 2024.[1][2] It was the third budget presented by Hunt since his appointment as Chancellor, the last to be delivered during his tenure as chancellor and the last budget to be presented by the Conservative government of Rishi Sunak before the party was defeated by Labour in the 2024 general election.
In the budget, Hunt abolished the non-dom tax status, reduced employee's national insurance by 2%, froze alcohol and fuel duties, increased tobacco and vapes duties, extended the oil and gas windfall tax, increased the child benefit threshold, announced further energy measures, announced further levelling-up funding, reduced capital gains tax by 4%, extended the Household Support Fund and increased the VAT threshold to £90,000 for small businesses, and kept income tax personal allowances at the same level (fiscal drag) [3][4]
The Budget announced the "biggest ever funding boost from government" for renewable energy.[5] Further funding for science and technology investment were announced,[6] with more investment to come from the private sector.[7][8] The budget announced more measures to protect farmers with the agricultural property relief.[9]
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