2024 Budget: Key changes and the implications for individuals and businesses
Today, Chancellor Rachel Reeves delivered her Budget speech, representing the Labour...
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Today, Chancellor Rachel Reeves delivered her Budget speech, representing the Labour Government's first fiscal announcement in 14 years. This wide-ranging address focused on economic growth and financial responsibility, introducing significant changes to tax policies and government borrowing strategies.
Despite some measures to stimulate economic growth, the Office for Budget Responsibility (OBR) has expressed a cautious outlook. The economy is expected to grow by just over 1% this year, an increase to 2% in 2025, followed by a decline to around 1.5%. This forecast suggests that businesses and individuals need to prepare for economic fluctuations and potential challenges.
Gareth Horner, Managing Partner, commented, “It is clear that these are ambitious measures introduced in this Budget, intended to address economic challenges while providing more funding for the NHS, the education sector and the Armed Forces. Following media speculation in recent weeks, the announcement does not bring drastic changes to areas such as Council Tax, as expected, however, the mixed reactions from the OBR highlight the need for cautious optimism. Businesses and individuals should proactively review their financial plans, particularly in relation to estate planning for individuals and payroll strategies for employers. Along with the Employment Rights Act introduced recently, employers in particular are in for significant changes in the coming months and having robust plans in place is the best way to protect employment and economic stability.”
To discuss your plans for the future in relation to your estate, your business or your employees, you can contact a member of the team by emailing info@parkerbullen.com or calling your local office below:
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