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The Chancellor delivered his Spring Budget during which he provided an economic update from the Office for Budget Responsibility (OBR), showing that inflation is expected to fall below the 2% target level in “a few months’ time.” Read more on this in our latest #NewsinReview

The Chancellor delivered his Spring Budget during which he provided an economic update from the Office for Budget Responsibility (OBR), showing that inflation is expected to fall below the 2% target level in “a few months’ time.”  Read more on this in our latest #NewsinReview 

UK Spring Budget 2024: What was announced? Before the Spring Statement was announced last week, there was a lot of speculation surrounding what it might include. Back in November, the Chancellor’s Autumn Budget had a focus on aspects like national insurance, economic growth, minimum wage, full expensing, and inflation. But did this new update cover similar themes? In our latest blog, Matthew Muldoon (VP of Financial Management Solutions at Advanced) assesses how the government’s plans have progressed since the autumn, highlighting some of the predictions that were made before Wednesday’s announcement, and then unpicking the key points to emerge from it: ➡https://lnkd.in/eRqsBYWy #SpringStatement #EconomicForecast #FinanceInsights

The Institute For Fiscal Studies' Paul Johnson summarises the key points from the #springbudget2024, with contributors offering their analysis of both the short-term and longer term impact on the UK economy. https://lnkd.in/etJMKQvc #budget #business

Budget 2024: Key takeaways for business 🪙💼 Jeremy Hunt appeared before MPs today for the Spring Budget, with a 2p cut to the national insurance rate paid by both employees and the self-employed at the heart of his vision. While interest rates remain high, the chancellor noted that the UK economy has weathered the financial crisis, pandemic, and soaring energy prices amid war in Europe. He assured the country that inflation should fall below the government’s 2.0 per cent target in just a few months’ time – ‘nearly a whole year earlier than forecast in the autumn statement’ and down from 4.0 per cent in January. That will come alongside anticipated growth of 0.8 per cent for the national economy in 2024, rising to 1.9 per cent next year and peaking at 2.0 per cent in 2026. Growth is then expected to slow to 1.8 per cent in 2027 and 1.7 per cent in 2028. Meanwhile, the government is set to boost day-to-day spending by... Continue reading... https://lnkd.in/eJwp3NhC #budget2024 #budget #ukbusiness #politics #finance #economics #businessnews #businessintelligence

2024 Budget Outlook for UK Businesses and Economy It's been over 14 years since Labour's last budget on the 24th of March 2010, and there's a lot of anticipation regarding what Chancellor Rachel Reeves will declare on Wednesday's Budget. This budget could significantly shape the UK's trajectory, balancing growth incentives and financial prudence. It might boost business confidence or add to the pile of challenges companies are already facing. Key points to watch include regulatory changes that could boost infrastructure investment, potential tax increases (especially on employer National Insurance contributions), and updates to capital gains and inheritance tax rules. Small businesses are particularly worried about several issues. These include minimum wage increases, changes to business rates relief, higher National Insurance payments, and possible VAT adjustments. These concerns reflect the broader anxieties in the business community about the potential impact of the upcoming Budget on their operations and profitability. The Chancellor's approach is crucial. Borrowing might please markets but could hinder growth; raising taxes might strain businesses already struggling with inflation and economic uncertainty. Stuart Machin CEO of M&S has nailed the concerns of big companies, while small business owners fear being seen as cash cows without getting much in return. Can the UK government balance fiscal prudence with the support needed to boost the economy and help businesses? This is the big question on everyone's mind. #Budget2024 #UKEconomy #BusinessGrowth #FiscalPolicy #EconomicStrategy

Budget 2024: How does inflation affect your take-home pay? Get a reality check on the impact of rising inflation on your finances and what to expect from the upcoming budget. 📊💸

Advanced's VP of Financial Management Solutions, Matthew Muldoon summarizes the recently unveiled Spring Budget 2024, which brings both optimism and strategic measures. Despite allocating additional funding to address various local needs, UK councils are still faced with an average of 23.3% real-term drop in funding since 2010/11. Learn how Advanced can help save you time and money, to focus on what really matters for your residents #UKspringbudget #technology #efficiency

Here are some key points from today's Spring Budget announcement by Chancellor Jeremy Hunt. 1) National Insurance: The national insurance contribution rate will be cut from 10% to 8% of pay from April, on top of a previous 2p cut announced in the autumn statement. This is estimated to save individuals around £450 a year for someone earning £35,000 annually. 2) Economic Growth: The UK economy is expected to grow by 0.8% in the current year and by 1.9% in 2025. Despite being billed as a "budget for growth," the forecasted growth rates remain modest and present a challenge for the government. 3) Inflation: Inflation is expected to fall below the government's 2% target in a few months, down from 4% in January. This is earlier than forecasted in the autumn statement and is likely to be well-received by voters. 4) Government Borrowing: Government borrowing is forecasted to decrease gradually over the coming years, reaching its lowest level as a percentage of GDP since 2001 by 2028-29.   The Spring Budget contained no significant surprises ahead of the expected general election, maintaining a clear path for the Bank of England to potentially cut rates, probably starting in August. Despite some tweaks, such as a 2% cut to national insurance and freezes on fuel and alcohol duties, the overall fiscal constraints remained similar to those outlined in the Autumn Statement. The Office for Budget Responsibility (OBR) upgraded GDP forecasts, predicting growth of 0.8% this year and 1.9% in 2025, with inflation expected to fall below 2% temporarily before rising again. However, the Chancellor's spending plans still appear ambitious, with limited headroom against fiscal targets. While today's budget had minimal impact on markets and inflation, the stronger growth outlook and constrained spending could prompt further fiscal measures before the general election, potentially aligning it closely with the US presidential election in November. #RTS #JeremyHunt #UK #UKeconomy #Tax #Investing #trading

What do we expect in today's budget? Some of the items that have been teased - or leaked - include changes to auto insurance, likely meaning more options to lower premiums. Minister Bethlenfalvy stated on social media that there would be no tax hikes or additional burdens on individuals and businesses. The government has also announced that the fuel tax cut is going to be extended to the end of the year. Eliminating the deficit is going to be pushed back to 2025-26. (https://lnkd.in/gfjFGA9g). Pre-budget announcements included $1.6B to support new homebuilding, but new housing starts have remained persistently below target, largely due to other issues such as interest rates, labour shortages in key skilled trades, and supply chain problems (https://lnkd.in/gUs2ft7X). The government has pointed to major EV investments by Volkswagen Group and Stellantis, and an expected record amount of corporate investment this year, as evidence that the economy is booming. However, bank economists aren't so sure. Experts from TD, RBC and Desjardins have cited spikes in business bankruptcies, as well as longer-term issues like falling private-sector employment, high interest rates, and general global uncertainty, as indicators that the economic future might not be as bright as hoped for (https://lnkd.in/gQmW46bS). The budget is going to be presented at 4:05pm, and you can watch live on the Government's YouTube Channel at https://lnkd.in/drxquUj. We'll have more coverage in our Daily Update later this afternoon - you can subscribe at https://lnkd.in/gHb8Ci3g and get daily updates on all the important Niagara business news, reading recommendations, events, and more.