Autumn Budget 2024: Key Announcements for Business
Released On 1st Nov 2024
- Firms to pay National Insurance on workers’ earnings above £5,000 from April, down from £9,100 currently, with the rate increasing from 13.8% to 15%. Employment allowance - which allows companies to reduce their NI liability - to increase from £5,000 to £10,500
- Minimum wage for over-21s to rise from £11.44 to £12.21 per hour from April. For 18-20 year olds, increase is from £8.60 to £10 per hour
- Apprentice pay will rise from £6.40 to £7.55 per hour
- Business Rates: Freeze on the small business multiplier for 2025-26
- Business Rates: 40% relief for Retail, Hospitality and Leisure (RHL) sectors from 1 April 2025
There were also announcements on various business support programmes, including:
- Over £1 billion across 2024-25 and 2025-26 for the British Business Bank to enhance access to finance for small businesses, including over £250 million each year for small business loans programmes, including Start Up Loans and the Growth Guarantee Scheme.
- Commitment to funding for Growth Hubs and the Help to Grow: Management programme in 2025/26.
- Continuing the UK Shared Prosperity Fund at a reduced level for a further year, providing £900 million; this transitional arrangement will allow local authorities to invest in local growth, in advance of wider funding reforms.
