July 2024 Budget
| July Budget Act 2024 | |
|---|---|
 | |
| Submitted | 19 July 2024 |
| Submitted by | The Earl of Durham |
| Submitted to | Westminster Hall |
| Presented | 19 July 2024 |
| Passed | 23 July 2024 |
| Parliament | 33rd Parliament |
| Party | Unionist Party |
| Chancellor | The Earl of Durham |
| Total revenue | £- |
| Total expenditures | £- |
| Program Spending | £195,000 |
| Debt payment | £0 |
| Surplus | £- |
| Deficit | £- |
| Debt | £0 |
|
‹ May 2024 | |
The July 2024 Budget was delivered to Westminster Hall in a Joint Session of the 33rd Parliament by William Somerset, The Earl of Durham, Chancellor of the Exchequer, on 19 July 2024. [1] It was the first budget presented by Lord Durham since his appointment as Chancellor and the third budget presented by a Unionist Party government.
The budget introduced significant changes compared to the May 2024 Budget. It implemented a progressive personal income tax system with rates ranging from 0% to 17.5%, replacing the previous flat rate of 15%. The allocation of funds to institutions saw notable changes, such as increased funding for the BBC and the introduction of funding for the Ministry of Justice, while the Royal Courts of Justice and the Royal Air Force no longer received specified allocations. Salaries for various positions were adjusted and detailed more comprehensively. The new budget also included higher fees for the creation of forum boards and a revised progressive property tax system. Additionally, subsidies for private newspapers were doubled. The central interest rate was reduced to 0.0125%, and specific exemptions for donations and prize money were explicitly defined.
Background
The new budget was the most-awaited bill from His Majesty's Government with His Majesty's Most Loyal Opposition pushing hard against the Wilton Ministry before the Prime Minister had even been invited to Buckingham Palace for the Kissing of the Hands Ceremony with King Charles III. [2] Before the budget was proposed, the first question submitted during Question Time was about the economy and on the second day of the term. [3] Work on the budget was started on 5 July 2024. [4]
Key Points
- The mode for calculating salaries was changed from monthly to daily.
- Salaries were added for the Sovereign, Prince of Wales, Prince Royal, Leader of the Opposition, and Shadow Secretary of State.
- The salary of Lord High Constable was changed to Chief of the Air Staff.
- Funding was removed from the Royal Air Force.
- Funding was transferred from the Royal Court of Justice to the Ministry of Justice.
- Funding for the British Broadcasting Corporation was increased from £15,000 to £50,000.
- Subsidies for private newspapers increased from £500 to £1,000 per article.
- Personal income taxation was changed from a flat rate of 15% to a progressive system ranging from 0% to 17.5%.
- Business income taxation stayed the same with a flat rate of 10%; however, with reduced rate of 5% for high transactional volumes.
- The poll tax was renamed to the property tax and it adopted a new progressive tax system based on the number of boards owned.
- Residential property fees were changed with main board changing from £20,000 to £12,000 and sub-boards to £8,000 from £3,000.
- Tax exemptions added for donations and prize money.
- The interest rate from decreased from 0.5% to 0.0125%.
- Procedures for reclaiming funds when citizenship is lost clarified.
- Minor adjustments in deadlines for salaries and tax payments.