In a giddy and restless House of Commons, Rachel Reeves set out her first budget as Chancellor on October 30 2024.
The backdrop for Reeves’ announcement in Parliament was that of energetic Labour MPs engaged in much cheering. This mood was not necessarily shared across the viewing public, watching in anticipation of a formidable budget.
The budget was comprehensive. Over an hour-long speech, the Chancellor reeled off a stream of dizzying multi-billion-pound figures. This budget was put into context regularly by Labour Ministers by evoking figures of perceived Tory mismanagement.
With ample analysis available on some of the biggest changes such as Employers National Insurance increases and funding for healthcare and education, this article will focus on issues most relevant to students in Scotland.
There will be a one pence reduction in the price of the average pint in a pub from February 2025. This nominal reduction may be seen as cheap politics, especially by distillers of whiskey and other spirits who saw the consumer tax due on their produce move in the opposite direction.
A new tax on vaping products, due in October 2026, will engage with a further increase in tobacco taxes to try and persuade people to quit. This is intended to reduce the number of patients requiring treatment for preventable respiratory and cardiovascular illness.
For those working a minimum wage job the budget was favourable. From April 2025, people 18-20 years old will gain an increased wage of £10 per hour. Whilst those aged 21 and over will be entitled to £12.21 an hour.
Reeves jibed Rishi Sunak with her plan to increase air passenger duty by 50% for private jets. Alongside this policy the increased Energy Profits Levy on revenues from fossil fuel extraction and sale can be seen favourably by those environmentally minded.
Featured Image Credit: members.parliament.uk
