With the UK Government scheduled to announce its Autumn Budget on Wednesday, 30 October 2024, anticipation is growing. This year’s budget is expected to focus on significant steps to tackle the climate crisis and offer relief from soaring energy costs. In this blog, we’ll look at expert predictions for the 2024 Budget, and what they’re hoping will be included
What are the Experts Expecting for the 2024 Budget?
1. GB Energy
The Labour Government’s creation of GB Energy—a new state-backed energy provider—is one of the most discussed initiatives leading into this budget. Its creation is designed to stabilise prices and support the transition to renewable energy. Experts are predicting that the government will outline the initial structure and funding for GB Energy in the budget on Wednesday.
2. The Warm Homes Plan
Another hope for the 2024 Budget is further expansion of the Warm Homes Plan, a scheme aimed at making homes more energy-efficient and reducing overall heating costs. Industry leaders argue that increasing funding for this initiative would support insulation upgrades. This measure could potentially reduce energy costs long-term, benefitting both the environment and households across the UK.
3. Assistance to Meet Minimum Energy Efficiency Standards (MEES)
The government has already implemented Minimum Energy Efficiency Standards (MEES) for rental properties, pushing landlords to meet specific energy efficiency targets. However, many landlords may struggle to meet these standards without financial support. In response, industry bodies are urging the Chancellor to allocate funding to help landlords upgrade properties to comply with MEES. Providing this assistance could prevent a reduction in available rental properties, while improving housing standards and lowering energy bills for renters.
4. Help with Winter Energy Bills
We’ve reported a lot on the changes made to the Winter Fuel Payment, which will see millions of pensions across the UK lose out on their annual £300 payment to help cover winter heating costs. Despite backlash, PM Kier Starmer has doubled-down on this. It’s unlikely that the cuts to the Winter Fuel Payment will be revoked, but energy experts are hoping that alternative support will be provided for the most vulnerable this winter.
Other Ways To Access Support This Winter
Multiple headlines have highlighted the focus on the ”harsh fiscal reality” that lies ahead this week, as the Prime Minister prepares the UK for “unprecedented” economic challenges.
Although the UK is almost certainly facing hardships, financial support for energy bills is available via government-backed grants and schemes .
Eligible households will receive these home upgrades completely free of charge. This includes solar panels, an air source heat pump, and insulation. These measures save he average UK household hundreds each year off their energy bills/
You can apply in just 30 seconds by clicking the button below.
