UK Chancellor Unveils Autumn Budget 2024

Roger Daltrey, the honorary patron of the Teenage Cancer Trust, has criticized Chancellor Rachel Reeves' recent Budget for potentially devastating charities that provide essential healthcare services, citing a £1.4 billion annual cost increase due to rising National Insurance contributions. He warns that without additional funding, charities may face layoffs, particularly among specialized nurses who care for young cancer patients. Concurrently, the Gimbe Foundation expressed concern over insufficient healthcare funding in the 2025 Budget, predicting a decline in public health investment as the share of GDP allocated to healthcare continues to fall. The Budget also includes a 4.1% increase in the State Pension, which is set to benefit over 12 million pensioners, but maintains a freeze on National Insurance and income tax thresholds until 2028, leading to potential fiscal drag. Additionally, the basic and higher rates of Capital Gains Tax will rise starting in late 2024, complicating financial planning for many. Daltrey and healthcare advocates call for a reevaluation of priorities to ensure sustainable funding for crucial health services.