Martin Lewis gives verdict on the 2024 Budget – as it happened

Martin Lewis described the Government’s plan to not make certain changes to child benefits as ‘bad news’ for single parents.

Major changes announced by Chancellor Rachel Reeves today included changes to employer National Insurance contributions, increases to Capital Gains tax, a fall in the price of pints and smokers paying more for hand-rolled tobacco.

But the finance expert said the Labour government’s decision to not shift child benefit to household income from individual income was ‘bad news’.

He wrote on X: ‘Within govt docs it says it will NOT shift child benefit to household income from individual income as previous govt had announced (and I and others had campaigned for).

‘This is a shame and leaves inequity rife, bad news for single parent and single earner families. From 2025 employees will be able to pay the higher income child benefit charge through your tax code, and self assessment forms will be pre-populated with child benefit data.’

The money saving expert later expanded on several aspects of the Budget announcement, including the minimum wage hike, stamp duty changes, and two issues particularly close to his heart – carer’s allowance and child benefit.