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| Parliament | 59th |
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| Party | Labour Party |
| Chancellor | Rachel Reeves |
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|---|---|---|
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Chancellorship (2024–present)
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The October 2024 United Kingdom budget was delivered to the House of Commons by Rachel Reeves, the Chancellor of the Exchequer, on 30 October 2024. She is the inaugural female to present a UK Budget, marking the Labour Party's first Budget in over 14 years. It covered Labour's fiscal plans, with a focus on investment, healthcare, education, childcare, sustainable energy, transport, and workers' rights enrichment.
The National Minimum Wage is set to increase by 6.7% (reaching £12.21 per hour) and a £22.6 billion increase in the day-to-day health budget was announced, with a £3.1 billion increase in the capital budget. That includes £1 billion for hospital repairs and rebuilding projects. The government plans to allocate £5 billion for housing investment in the fiscal year 2025-26, with a focus on enhancing the availability of affordable housing. Education will receive £6.7 billion of capital investment, a 19% real-terms increase. This includes £1.4 billion to rebuild more than 500 schools.