“Today’s budget presented a historic opportunity to put the UK on a new path of economic renewal. While elements of the budget deliver a commendable break with the past, elsewhere it fell short of the bold change needed. 

“The decision to change outdated fiscal rules and unlock up to £100bn of new public investment is welcome and long overdue. This will help to upgrade crumbling infrastructure and accelerate the net zero transition across the UK. In contrast, the outlook for day-to-day departmental spending remains extremely challenging. While the £40bn raised by increasing employer national insurance, capital gains tax, and inheritance tax has avoided further cuts, it does little to reverse the decade of austerity that has left many departments at breaking point. If the chancellor is serious about rebuilding public services, more fundamental tax reform will be needed.

“While the welcome increase in the minimum wage will help low-paid workers, elsewhere the budget failed to protect the most vulnerable households. The decision to increase bus fares, maintain the two-child benefit cap and remove winter fuel payments will exacerbate insecurity for many at a time of growing hardship.  

“While the budget contains some cause for optimism, it falls short of delivering what the UK economy really needs: a truly transformative agenda to rebuild public services, tackle poverty, and create a greener, more prosperous future for all.”

ENDS

[1] To request an interview with a spokesperson or for any other questions please contact press@futureeconomy.scot or call Laurie Macfarlane on 07909107890

[2] All figures are taken from the UK Government’s Autumn Budget 2024. See here for more information: https://www.gov.uk/government/publications/autumn-budget-2024

[3] Future Economy Scotland is a non-partisan think tank that aims to create a new economy that is democratic, sustainable and just. The organisation does not have a formal stance on Scotland’s constitutional future, and is not aligned to any political party or any politician. The organisation is a not-for-profit company limited by guarantee operating with charitable principles. For more information visit: www.futureeconomy.scot