UK Autumn Budget 2024: So..... What Now?

The UK government's released it's first Labour budget in 14 years on Wednesday 30 October 2024 offering a record tax hike of £40 billion. The biggest impact of these taxes will be felt by business owners who will bear the pressure of increased National Insurance contributions which has increased from 13.8% to 15% from April 2025. While this policy appears to protect the workers, critics have warned of the impact that this will eventually have on businesses, forcing them too pass on this burden to their employees.

Even though some of the implications of the Autumn Budget may seem out of our control, let's explore some practical steps that we can employ to deal with any potential squeeze that may come from these changes.

1. Consider Installing a Smart Thermostat

   • The first step in the fight to get on top of the running costs for the energy that you consume in your home and business, is to identify how much you are currently consuming on a daily, monthly or quarterly basis. In doing this, you will be able to see just how much you are spending on your energy bills and identify your routines and potentially make adjustments to hang on to as much of your money as possible.

   • Changes you may consider making include, adjusting the temperature in your home or turning off the heating when you are out.

   • Popular bands supplying smart thermostats include Hive and Nest, both of which are compatible with UK heating systems.

   Hive Thermostat: https://www.hivehome.com/shop/smart-heating/hive-thermostat

   Nest: https://store.google.com/gb/product/nest_learning_thermostat_3rd_gen?hl=en-GB&pli=1

2. Insulate Your Home

   • Although this is on the higher end of sustainable investments you can make, a house that is well insulated and retains heat is one of the most effective ways to ensure that you are not loosing the heat you are generating in the home.

   • Make sure you check for draughts across you home to ensure that doors, windows and letterboxes are not letting in cold air.

   • If you haven't already got insulation in your loft, this may also be an effective way to reduce your heating bill and could also potentially be subsidised.

3. Upgrade to Energy-Efficient Appliances

   • Most households in the UK are heavily reliant on appliances in the home, with some being used multiple times a day. It is therefore worth considering if it is worth investing in appliances with high energy ratings. Appliances with a higher energy rating use less electricity and will therefore will save you money over time.

   • Consider making the switch to LED lighting, as they use up less energy than traditional bulbs.

4. Save on Household Chores and Routines

   • Consider little ways that you can save money and energy throughout your daily routine. For example, washing your clothes at 30 degrees instead of 40 or 60 degrees can reduce energy use consumption for this task by up to 60% (Ariel UK: How to save energy while doing your laundry).

   • Water efficient shower heads can also save you water and heating costs.

5. Take Advantage of Off-Peak Tariffs

   • The Citizens Advice UK outline that using tariffs like Economy 7 can allow you to benefit from lower energy rates during off peak hours for 7 hours of day C9normally between 11pm and 6am) and can turn your daily routine into a money saving endeavour.

6. Reduce 'Phantom Load'

   • Energy Saving Trust attributes a significant amount of electricity consumption in homes to devices left on standby. Consider installing smart plug and energy-saving strips to minimise this waste.

7. Boiler Efficiency

   • Ensure that your boiler is well maintained and receives regular servicing to improve heating performance. A well maintained boiler could save you a significant amount of money on your heating bill.

8. Invest in More Sustainable Energy sources

   • Consider investing in solar electric generators or solar panels to install on your roof if your budget allows.

   • Check out our last post, which looks at a range of electric generators currently on the market: https://solaredgeuk.blog/a-beginners-guide-to-solar-generators

9. Government Backed Initiatives

   • Check out Gov.UK-Warm Home Discount to see if you can receive further help in lowering your costs and creating a more sustainable home and business.

     Gov.UK-Warm Home Discount: https://www.gov.uk/the-warm-home-discount-scheme