Budget 'first step of what's needed to lift living standards', says think tank

01 Nov 2024

Reacting to Chancellor Rachel Reeves' Autumn Budget, think tank the Resolution Foundation has warned that the measures announced 'are only the first step in what's required to boost living standards'.

The Foundation warned that the decision to increase employer National Insurance contributions (NICs) 'comes with risks'. It said that the rise would fall heavily on low-earning jobs and further incentivise 'bogus' self-employment.

It stated that cutting the employer NI threshold and increasing the rate to 15% means employers have had a tax rise equivalent to 6.8% of pay for someone earning £9,100.

Mike Brewer, Interim Chief Executive of the Resolution Foundation, said: 'Rachel Reeves announced £326 billion of extra funding for public services and investment across the parliament, funded by the biggest tax rising Budget on record along with extra borrowing.

'The Chancellor has delivered a Budget that engages with the seriousness of Britain's economic challenges. But it is only the first step of what will be needed to secure strong public services, end stagnation and lift living standards for all.'

Home | Contact us | Accessibility | Disclaimer | GDPR (including Standard Terms of Business) | Help | Site map |

© 2025 BPU Accountants. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


BPU Chartered Accountants is the trading name of BPU Ltd Company number 3723948 registered in Wales. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

BPU Financial Solutions Ltd is an Appointed Representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority. ValidPath Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 197107.

BPU Accountants, Radnor House, Greenwood Close, Cardiff Gate Business Park, Cardiff CF23 8AA
BPU Accountants, The Counting House, Pound Field, Llantwit Major, Vale of Glamorgan CF61 1DL