Report on the Autumn Budget 2024


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Autumn Budget 2024: Background briefing. More

OBR economic and fiscal outlook published. Timetable & OBR Report


Autumn Statement 2024: what did Rachel Reeves reveal?
Chancellor of the Exchequer Rachel Reeves delivered her Autumn Statement on Wednesday 30th October to the House of Commons and updated MPs on the country's finances and the Government's plans for tax and public spending, based on the latest forecasts from the Office for Budget Responsibility (OBR). The Chancellor's statement provided information on the UK Government's anticipated revenue generation and announcements on plans for taxation and public spending.

The spending and borrowing announcements were stunning with taxes increasing by £40 billion.

The Autumn Statement started at 12.30pm after Prime Minister's Questions and ran for an hour.

As usual we have a prompt report on what the Chancellor had to say shortly after she finished her statement to MPs which highlights the key points of interest for V8 Register members.


What did we see of interest to classic car enthusiasts?
The temporary 5p cut in fuel duty rates will be extended by 12 months and will expire on 22 March 2026. The planned inflation increase for 2025-26 will also not take place.

See Press headlines the following morning
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Report of the Autumn Statement
As usual we have a prompt report on what the Chancellor has had to say shortly after her finished his statement to MPs which highlights the key points of interest to V8 Register members.

See our earlier report on fuel duty


See our earlier article on UK road tax

Is Labour right to claim there’s a £22 billion ‘black hole’ in the public finances? More

Posted: 241030 @ 1455
Fuel duty rates freeze until 2025-26
The UK Government will freeze fuel duty rates for 2025-26, a tax cut worth £3 billion over 2025-26 which represents a £59 saving for the average car driver. The temporary 5p cut in fuel duty rates will be extended by 12 months and will expire on 22nd March 2026. The planned inflation increase for 2025-26 will also not take place.

2025-26 Vehicle Excise Duty rates for cars, vans and motorcycles
The Government will uprate standard Vehicle Excise Duty (VED) rates for cars, vans and motorcycles, excluding first year rates for cars, in line with the RPI from 1st April 2025. There was no mention of any adjustments to the current VED exemption arrangement for historic vehicles over 40 years old.

Potholes
The financial settlement for the transport sector provides increased investment in local roads maintenance. It does this by "going beyond the government’s promise to fix an additional 1 million potholes per year and providing a £500 million cash increase on 2024-25 local roads maintenance baseline funding".

Alcohol duty
The UK Government will support pubs and the wider on-trade by cutting alcohol duty rates on draught products below 8.5% alcohol by volume (ABV) by 1.7%, so that an average ABV strength pint will pay 1p less in duty. The Government will also increase the discount provided to small producers for non-draught products, and maintain the cash discount provided to small producers for draught products, increasing the relative value of Small Producer Relief. Alcohol duty rates on non-draught alcoholic products will increase in line with RPI inflation. These measures will take effect from 1 February 2025. The current temporary wine easement will also end as planned on 1 February 2025. So a pint of real ale should have 1p less in duty at your local pub.

Other topics

VED on Electric Vehicles from April 2025
With the UK Government's ban on the sale of new petrol and diesel vehicles from 2030 the reform of motor taxes had become an urgent question for the Treasury because the switch to electric cars means almost £30bn in fuel duty raised annually for the Treasury will need to be replaced. VED will be paid by electric vehicles from April 2025.
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