💼 Predictions for the October 2024 UK Budget 💹

As we approach the October 30, 2024, UK Budget announcement, there are several key areas to watch:

▶ Tax Adjustments - While major taxes like income tax, National Insurance, and VAT might remain unchanged, we could see increases in capital gains tax, inheritance tax, and adjustments to pension tax relief.

▶ Spending Cuts - With the government already making cuts to universal winter fuel payments and certain infrastructure projects, further spending reductions are likely to address the financial shortfall.

▶ Focus on Wealthier Individuals - Prime Minister Keir Starmer has emphasized that those with the “broadest shoulders” should bear the heaviest burden. This suggests higher taxes or reduced benefits for wealthier individuals.

▶ Economic Measures - To tackle the £22 billion deficit, we might see changes to business rates, council tax, and fuel duty, along with other measures to stimulate the economy.

▶ Pensions and Benefits - Adjustments to pension schemes and other benefits could be on the table to help balance the books.

This Budget is shaping up to be a pivotal moment for the UK economy. What are your thoughts on these potential changes?

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Reference: 2024-0100-023