What Does The UK Autumn Budget Statement Mean For You, As Inflation Hits...

What Does The UK Autumn Budget Statement Mean For You, As Inflation Hits 11.1%?

One third of countries will be in recession next year, so there has never been a more important time to get your financial house in order – see my free training https://bit.ly/3isugCr to help you manage your money.

In his first major speech as Chancellor, Jeremy Hunt announced £55 billion ‘fiscal squeeze’ tax changes and measures to cut the national debt whilst stimulating growth including the “biggest programme of public works for 40 years” and a plan to make the UK the world’s next Silicon Valley.

Markets were reassured by a steady and responsible budget. Highlights:

·        Social rents capped at 7% next year, saving tenants an average of “£200 a year”.

·        Social rents should increase for private landlords housing social rent tenants by 5%.

·        National Living Wage increased and more help poorer pensions and families on Universal Credit benefits.

·        Pensions ‘Triple Lock’ retained meaning the largest ‘inflation-linked’ increase to state pensions.

·        Hunt wants to bring down national debt as a percentage of national debt over 5 years.

·        Extra energy costs reach £150 billion this year – more pain for consumers next year.

·        Corporation tax and stamp duty changes to be implemented.

·        Capital Gains Tax (CGT) thresholds halved – another tax rise.

·        New nuclear power station announced at Sizewell, Suffolk.

·        Inflation is the “enemy” of growth. Jeremy Hunt.

·        Lowering higher rate tax thresholds from £150,000 to £125,140.

·        Freezing tax free allowances – effectively increasing taxes.

·        ‘Fiscal drag’ means 3 million people will pay more tax.

·        Windfall tax on energy companies increased to 35%.

·        Electric vehicles will start paying car tax duty.

·        OBR expects housing market to slow down – Stamp Duty reviewed.

·        Big tech companies should pay more tax under a new international agreement.

·        Review of “workforce participation” – get people on benefits to get a job!

·        Crackdown on benefit fraud.

Reality check. World heading into recession

One third of countries will be in recession next year, so there has never been a more important time to get your financial house in order – see my free training https://bit.ly/3isugCr to help you manage your money.

OBR predicts UK recession next year and low growth and 7.4% inflation next year - see 21 Money Saving Tips https://youtu.be/taJgXOqp9O0 – and negative inflation in 2025.

·        UK inflation has hit 11.1%.

·        Interest rates could rise again.

·        £100 billion to service UK national debt.

·        £177 billion more borrowing next year.

·        Rishi gave away billions, Jeremy is taking it back, as he said, “it has to be paid for”.

·        The UK always pays its debts, he reassured the markets.

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