CPAG Analysis: Budget 2024

The government has chosen tax cuts for landlords over unlocking children from hardship with this year’s Budget, and are putting an estimated 20,000 more children into poverty within three years, according to the Child Poverty Action Group (CPAG).

Analysis of treasury forecasts show this policy package will increase child poverty and is set to lock an additional estimated 20,000 children into poverty in the next three years. (BHC50 moving line) 

Government budgets are important mechanisms for the direction and implementation of public policies and so are an important facet of CPAG’s child-focused public policy analysis.  For almost 20 years CPAG has undertaken analysis of each Government’s annual budget. This review of Budget 2024 continues this tradition. As in the past, CPAG’s Budget Review uses a social lens to consider the Budget rather than the financial focus taken by the business media and economic commentators employed by the finance sector.

CPAG’s 2024 Budget Review starts by considering the key fiscal indicators which usually shape both the Government’s framing of its Budget and the subsequent commentary by financial market analysts. These fiscal indicators are placed within a context of what is happening in the wider society in terms of demographic and economic changes and in relation to household incomes and the cost of living.

This review then focuses on social spending and related public programmes and services. This analysis first considers trends in overall expenditure in the three core areas of social spending – welfare, health and education. It then considers the highlights and lowlights of spending and planned programmes across six sectors which impact most on the wellbeing of children.  Finally, the review makes a child-centred assessment of Budget 2024.