Young People's Thoughts on the 2024 Budget

Jeremy Hunt releases the Budget for 2024, calling it a “budget for long term growth.”

The 2024 budget has been announced, with the Chancellor of Exchequer Jeremy Hunt, aiming to help families with the cost of living by introducing a tax cut on national insurance from 10% to 8% from April, and an aim to keep inflation at a “low and stable” 2%.

Hunt confirms that non-dom tax status will be “abolished,” and to be replaced by a “modern, simpler and fairer” system from April next year. This comes at a time where Prime Minister Rishi Sunak and his wife had come under public scrutiny for benefitting from, as they were not being taxed on money earned outside of the United Kingdom. Keir Starmer and Rachel Reeves had outlined the abolition of the non-dom tax status in their plans if they win the General Election, that is yet to be called, however should be announced in the second half of the year.

Another expected plan outlined in the budget included a vaping products levy, in an attempt to reduce the amount of young people vaping. Sophia Barret, first-year Forensic Psychology student at Kingston University said: “It isn’t going to stop vaping, it’ll just make more people use cigarettes instead.” 

Hunt announced a “British ISA,” which will give investors an extra £5,000 in tax-free allowances, to encourage investment in British assets. “UK ISA is a good idea in my opinion. The drawback is if the economy doesn’t do well, then it’s not going to be successful, but I think it could create a positive feedback loop.”

For a full rundown of the 2024 budget, click here.