IAB UK comment on the autumn Budget 2024

“Today’s Budget provides welcome clarity about the new Government’s plans, lifting some of the uncertainty that stalled marketing spend in Q3. It comes on the same day as the release of our Digital Adspend update for H1 2024, which shows that the total digital ad market grew 16% in the first half of the year, largely driven by investment in online video - up 26%. The fact that UK GDP grew by a far more conservative 0.5% during the same period indicates that marketers have continued to prioritise advertising despite the uncertain economy. While the tax rises announced today will increase pressure on business, the OBR is now predicting stronger economic growth in 2024 and 2025 and we expect advertisers’ confidence to remain buoyant, with social video in particular a key driver of ad market growth.”