It covered Labour's fiscal plans, with a focus on investment, healthcare, education, childcare, sustainable energy, transport, and workers' rights enrichment.

On 22 May 2024, the then prime minister, Conservative Party leader Rishi Sunak, announced that a general election was to be held on 4 July 2024.

[3][4] Labour won a landslide victory in the election, with Keir Starmer becoming Prime Minister and Rachel Reeves becoming Chancellor of the Exchequer.

This was disputed by the official spending watchdog, the Office for Budget Responsibility (OBR), who said that the hidden costs from her predecessor Jeremy Hunt were £9.5 billion.

[32] Rishi Sunak, the leader of the Conservative Party, accused the government of deceit and breaking earlier fiscal pledges.

[33][34][35] Sir Ed Davey, the leader of the Liberal Democrats, described the government’s plans on social care as “a good start” but inadequate.

He said that the effect on family businesses of the changes to inheritance tax and the National Insurance increases will be to "kill entrepreneurship, snuff out wealth creation and stunt growth".

[44] On 4 December, the Organisation for Economic Co-operation and Development (OECD) forecast that UK interest rates would fall less quickly over the next two years because of the measures outlined in the budget.