The tax hikes were offset by spending elsewhere, with the Government committing to an additional £12 billion in the Chancellor’s measures.
One key commitment, as part of its mission to end child poverty, was the removal of the two-child limit in the Universal Credit Child Element from April 2026.
However, its spending focus wasn’t just on social schemes as the Government provided investment to a wide range of schemes.
The Autumn Budget outlines a broad programme of investment aimed at strengthening regional economies, improving infrastructure and accelerating growth across the UK. A series of new funds sits at the heart of this approach.
These include the £30 million Kernow Industrial Growth Fund, designed to back Cornwall’s strengths in critical minerals, renewable energy and marine innovation, and a £500 million Mayoral Revolving Growth Fund
This will allow Mayors in key city regions to co-invest with central Government to unlock stalled developments and overcome finance barriers.
A new Local Growth Fund will also provide just over £900 million over four years to a wide group of Mayoral Strategic Authorities, giving each the flexibility to support local infrastructure, business investment, employment initiatives and skills programmes.
Targeted support continues through the Growth Mission Fund, which has already committed funding for projects ranging from a sports quarter in Peterborough to a STEM centre in Darlington.
Investment zones and freeports continue to form part of the wider industrial strategy.
Business cases have now been approved for the Flintshire and Wrexham Investment Zone, Anglesey Freeport and the Forth Green Freeport, with details also confirmed for the Northern Ireland Enhanced Investment Zone.
The Budget also commits record levels of local road maintenance funding, rising to more than £2 billion a year by 2029–30, enabling the Government to exceed its commitment to fix an additional one million potholes annually.
In energy and industrial development, the North Sea Future Plan sets out how the UK will continue supporting investment in domestic oil and gas, while up to £14.5 million will be channelled into industrial projects in Grangemouth to help create jobs.
Other major transport and infrastructure commitments include long-term support for the Docklands Light Railway extension to Thamesmead, funding for the next stage of the Lower Thames Crossing and brownfield remediation in Port Talbot to unlock development linked to the Celtic Freeport.