Following recent government departures and arrivals, the new Chancellor of the Exchequer, Jeremy Hunt, has announced his first budget statement at a time of significant economic challenge for the UK and the global economy as he attempts to fill the black hole in the government’s finances.
The chancellor says his priorities are stability, growth and public services, and he is providing “fair solutions” despite taking “difficult decisions”. The Autumn Statement sets out the government’s plan to ensure that national debt falls as a proportion of the economy over the medium term.
Since the Office of Budget Responsibility (OBR) confirmed that the UK economy is in a recession, this was always going to be a challenging budget.
We have already seen most of the changes suggested by his predecessor retracted and although we did not see wide scale tax hikes we have seen most of the main allowances frozen until April 2028.
To view the key changes, click here.
With the freezing and reduction of some of the main personnel allowances, the need for financial advice and to utilise all tax efficient investments available has never been so important.
As always, please get in touch to discuss any of your financial matters.
Radcliffe & Co