Chancellor unveils new measures

tiemadmin • 10 October 2024

Chancellor Rachel Reeves has recently introduced a series of new measures aimed at advancing the priorities of the new government. The key announcements include:

  • New funding for breakfast clubs at 750 schools with primary-aged pupils.
  • The publication of a new Industrial Strategy in the spring.
  • A reversal of the decision to write off over £640 million in Covid PPE contracts.
  • HMRC will consult on the implementation of e-invoicing for businesses and government departments.

Further details are as follows:

School Breakfast Club Pilot

The Chancellor announced a £7 million breakfast club pilot that will invite up to 750 schools with primary-aged pupils to participate. This funding will allow these schools to provide free breakfast clubs for their students during the summer term (April-July 2025). The initiative aims to reduce the number of hungry children starting the school day, ensuring they are ready to learn.

Covid Corruption Commissioner

The Chancellor declared that no Covid-era PPE contracts will be abandoned or waived until they have been reviewed by the new Covid Corruption Commissioner, who will be appointed in October. This decision affects £647 million in Covid PPE contracts that were previously set to be waived.

Industrial Strategy

The Chancellor emphasized that the Industrial Strategy will be central to the government’s mission to stimulate economic growth, unlock investment, and improve prosperity across the country. A green paper is expected to be published shortly outlining the long-term sectoral growth and priority industries of the government

HMRC Package

Chancellor Reeves also detailed a package of reforms aimed at enhancing the UK’s tax system to strengthen the foundations of the economy. As part of this initiative, HMRC will launch a consultation on e-invoicing to encourage its broader adoption among UK businesses and government departments. Additionally, a new Digital Transformation Roadmap is expected to be published in Spring 2025, outlining HMRC’s vision to become a digital first organisation.

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