Group items tagged

Chancellor of the Exchequer, Rachel Reeves, presented the Labour government 's Autumn Budget 2024 in the House of Commons on Wednesday, describing it as "a Budget to fix the foundations of the economy and deliver change by protecting working people, fixing the NHS and rebuilding Britain." The Budget, the first from a Labour government in 14 years, introduces some significant measures to boost small businesses and deliver crucial support to the NHS amid challenging economic conditions. In a move to support businesses, the government has announced a fairer business rates system by permanently lowering the business rates multipliers for retail, hospitality, and leisure (RHL) properties from 2026-27. Additionally, £1.9 billion has been allocated to support small businesses and the high street in 2025-26, including freezing the small business multiplier and providing a 40% relief on RHL property bills, up to a £110,000 cash cap. To repair the public finances and raise funding for public services, the government has decided to increase the employer National Insurance Contributions (NICs) rate by 1.2 percentage points to 15%, with effect from 6 April 2025.

National pharmacy bodies have welcomed two VAT changes related to community pharmacy services announced in the Spring budget on Wednesday (15 March) but were disappointed that the budget brought no further relief for the sector in a crippling funding crisis. It was announced that from 1 May 2023, VAT exemption on healthcare would be extended to include medical services carried out by staff directly supervised by registered pharmacists. The government will also extend zero rate on prescriptions to medicines supplied through Patient Group Directions. This measure will be introduced in autumn 2023. HM Treasury said these measures were being introduced to ensure that the VAT system keeps up with changes to how the NHS operates and how healthcare is delivered across the country. More widely, Chancellor Jeremy Hunt promised to halve inflation and said that the NHS would soon publish its long-term workforce plan.