30
Oct 24

Chamber Reacts to Labour's Autumn Budget 2024

On Wednesday, 30 October, the Labour Government announced its first Autumn Budget 2024 with the promise of fixing the foundations to deliver change.

Today, Chancellor Rachel Reeves announced the 2024 budget by pledging investments in the housing market and the NHS. She went on to say that Britain inherited broken public finances and services, and therefore, she was forced to raise taxes by £40 billion to help the nation.

The Chancellor also mentioned that it is the first budget "in our country's history to be delivered by a woman" and that she is "deeply proud to be the first female chancellor".

A few key points from her budget included:

  1. An increase in the windfall tax paid by North Sea oil and gas producers  
  2. Continuing the freeze on fuel duty
  3. A rise in the National Minimum Wage to £12.21 for all workers 21 and over
  4. An increase in the National Insurance contributions rate paid by employers

A spokesperson for the UK Chamber of Shipping reacted to today's announcement by saying:

The shipping industry is vital to UK growth and prosperity, and announcements today on green hydrogen hubs and investment into customs areas at freeports are welcome. However, there are legitimate concerns across offshore energy sectors, which will need serious consideration.

“We now need to go further and use Government investment to unlock wider shipping industry finance for key projects. This includes delivering on training of the workforce of the future, leveraging the creation of Skills England, and delivering new maritime infrastructure. Such projects include shore power and the deployment of alternative fuels, which will need continued access to competitive R&D and commercial feasibility grants, alongside access to the National Wealth Fund. This investment will create new jobs and attract green shipping to the UK, benefiting not just maritime areas but communities and supply chains across the country.

"We understand the concerns of those shipping companies who will be impacted by the changes to Business Property Relief and will work with other organisations to highlight the negative impact this will have.

Visit the Autumn Budget 2024 webpage available on the Gov.UK website.