The British government will invest an additional £20 billion in research and development, including £6 billion in engineering, biotechnology and medicine. An additional £1.3 billion will be spent by central government on local governments, of which £600 million will be spent on social services.
5 billion to increase investment in housing, to increase the supply of affordable housing. £3.4 billion will be spent on warming homes in winter and reducing household energy costs.
By doing all of this, social services will be provided to the people.
Three notable features of the UK Budget 2024 can be noted. One. Budget 2024 did not back away from taking necessary, but not public-spirited, tough measures. It can be understood only by looking at the much-maligned issues like tax hike, closing unknown loopholes in the financial system, 'sin tax'. Two. Budget 2024 has imposed various taxes on the rich, but left the common man unharmed. As income tax has not been increased, fuel duty has been left unchanged. Three. Current Budget Social Sector. For example, increased allocation of funds for health, education, housing.
However, many times these budgets have taken a completely black-and-white perspective and have not taken into account the 'opportunity costs' of various policies.
But ultimately the UK Budget 2024 is a very important document at a time of transition for the country.
Salim Jahan Former Director, Human Development Report Office and Poverty Alleviation Division, United Nations Development Programme, New York, USA
