Autumn Budget 2024
The Chancellor of the Exchequer, Rachel Reeves, presented her first Budget to Parliament on Wednesday 30th October. In this blog, we share some of the key announcements, including funding for the NHS, waiting list commitments and protections for Universal Credit.
What is the Autumn Budget?
The Autumn Budget is when the Chancellor of the Exchequer provides an update to parliament about the state of the UK economy, and the government’s plans.
The UK Chancellor, Rachel Reeves, presented the first Budget from this Labour government on Wednesday 30th October.
Here is more information about some of the key points that were shared in the Budget that might be useful information for people living with cancer. If you are worried about money, there is more information about the support that is available.
Extra funding for the NHS
This injection of funding into the NHS to reduce the backlog for cancer diagnoses and treatment in England presents a real opportunity. It is unacceptable that, right now, people’s cancer experience is worse depending on who they are or where they live. But if these investments are directed in the right way, they could help deliver consistent, high-quality care for everyone with cancer.
This announcement also included a commitment to bring down waiting lists down more quickly and moving towards their target of waiting times to be no longer than 18 weeks.
There is still a huge amount of work to do to make world-class cancer care a reality for everyone, but these are promising steps in the right direction. We look forward to working with the government on the 10 Year Health Plan in the coming months.
New protections for Universal Credit
The Government announced new protections for Universal Credit, capping debt repayments to allow more households to keep more of their financial support.
Capping deductions from 25% to 15% of Standard Allowance. Limiting the impact of deductions is something we had been calling for, alongside the Joseph Rowntree Foundation and Trussell, and this is a welcome step in the right direction. This new protection will bring vital financial relief to many. The Government estimates this will allow 1.2 million households to keep more of their Universal Credit award and be better off by £420 per year on average.
This is an important step towards an Essentials Guarantee, to ensure that Universal Credit provides an adequate amount of financial support for people living with cancer to meet the cost of essentials.
We would like to see more action on this in the Spring budget and the maximum amount of Universal Credit uprated so that it can properly meet the basic costs of the needs of cancer patients.
We have more information about Universal Credit.
Changes to the Work Capability Assessment (WCA)
The Chancellor announced changes to the Work Capability Assessment, but it is currently unclear whether there are any differences between these proposals and the previous Government’s WCA plans and more detail is needed to fully understand the affects for people with cancer.
The previous Government’s WCA reforms put people with long-term side effects of cancer and cancer treatments at risk of both inappropriate job-seeking requirements and sanctions, and at risk of a potential financial drop of around £400 per month.
We will keep this blog updated when we have more information.
Increase to the Carer’s Allowance threshold
We have more information about Carer’s Allowance.
Household Support Fund
The Government confirmed they will provide £1 billion to extend the Household Support Fund and Discretionary Housing Payments in 2025-26.
These are crisis support payments from local authorities that Households can apply for additional discretionary crisis financial support, including for food and energy costs
What the Budget means for charities
One of the key focuses the Chancellor takes in a Budget review are measures to balance public spending. To fund new investments for public services, including the NHS, she announced increases to employers' national insurance payments of 1.2%.
The challenging financial environment over the past few years has put increased pressure on many charities. Costs are higher and there is more demand for support which means that money doesn't go as far as it has done in previous years. These changes will mean increased costs for many businesses and organisations including those in the charity sector, and charities across the UK will now be looking to understand how these changes will impact their organisations.
Support for people with cancer who are worried about money
Help with money
We know cancer can be tough on your finances. If you’re worried about money, there is support available. We have information about the cost of living crisis, as well as help with money and work.
You can also speak to a Macmillan Financial Guide. They are available Monday to Friday, 8am to 6pm. To speak to someone:
- Call the Macmillan Support Line for free on 0808 808 00 00
- Chat to a specialist online
Help with how you’re feeling
Worrying about money can affect your mental health. We’re here for you if you need emotional support.
Read more about the emotional support that’s available if you’re worried about money.
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