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.
Watch video version - https://youtu.be/9Y6FcXo22jQ
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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To help you get through this and come out stronger at the
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