CIPFA Thinks: Autumn Budget 2024 – what it means for public finance
Welcome back to CIPFA Thinks – the policy voice of the Chartered Institute of Public Finance and Accountancy (CIPFA). In this special edition, we unpack the Autumn Budget 2024 and share next steps for creating sustainable public services. In the time it takes to enjoy your coffee, you’ll be up to speed on the most pressing impacts of the Autumn Budget 2024 affecting you and your organisation.
This Budget serves a bold blueprint for reform, but what key policies are needed to build on this foundation for change? CIPFA Director of Public Financial Management Iain Murray shares five pivotal policy asks designed to foster a resilient public sector. From clearer funding models to the integration of health and social care, the spotlight is on long-term, sustainable services.
In a significant move, the Budget goes all in on growth, with £70 billion in new spending designed to boost productivity, support public services, and fuel devolution. But can the UK economy sustain the high stakes of increased taxes and borrowing? CIPFA Chief Economist Jeffrey Matsu walks us through the risks and rewards, from fiscal resilience to public sector viability here.
For local government, the Budget presents a vital opportunity to redefine public service priorities. CIPFA Senior Policy Manager Joanne Pitt assesses the key funding boosts directed towards local government and social care. Are these reforms enough to secure long-term resilience within the public sector? Read on to uncover Jo’s insights and analysis of what lies ahead.
With an NHS funding increase of £21 billion in revenue and £3.1 billion in capital, there’s positive momentum for healthcare—but concerns arise about the earmarked nature of much of this funding. As we approach the Spring spending review, CIPFA Policy Manager on Health and Social Care Eleanor Roy discusses how and why this budget boost will need to work hard to deliver meaningful improvements.
Turning towards technology, the Budget unveils an AI Opportunities Action Plan aimed at boosting public sector productivity. But will we see a cohesive, long-term digital investment strategy? CIPFA’s Public Finance Technical Advisor Oludamilola Florence Bastos reviews the investments and anticipated developments.
🎙 Listen in: CIPFA Speaks
On this month’s episode of CIPFA Speaks, we explore the role of Corruption Risk Management (CRM) in safeguarding public services globally. Join Daniela Sota Valdivia from the United Nations Office on Drugs and Crime ( UNODC ) and Khalid Hamid , CIPFA’s Director of International, as they discuss the importance of leadership, a prevention-first approach, and key insights from the launch of CIPFA’s second pilot of the Corruption Prevention Programme in Mauritius.
📅 What next?
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Finance Director/Company Secretary at Trilogy Active | Health & Fitness | Kids Activities All views my own
11moIt is certainly bad news for all of those organisations that deliver services for local authorities. Despite the increased taxes and spend there is no projected increase in growth - indeed living standards are set to fall.
Finance expert in Defence procurement and public sector transformation. Former Deputy Director in Ministry of Defence. Young Advisory Limited, now in our 3rd year of growth.
11moI am afraid I have to disagree with your analysis that the "budget goes all in for growth" by hitting the private sector so hard across such a wide range of taxes and policies will only undermine the real engine of growth. I see little evidence that the splurging of £70bn will deliver productivity.