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Navigating the Autumn Budget 2023: What It Actually Means for You π
Friday Money TalkHey Team, Guess what? This isn't a Black Friday email. Wahoo! All week I've been getting campaigns and watching brands mark up their prices only to reduce them back down with a 'WHOPPING' discount! Be careful with Black Friday today and only go for deals which make sense. In other news, I've got the wellies firmly back on π₯Ύ My regular walk with Archie the bulldog is completely flooded and muddy AF! Speaking of wet, the Chancellor Jeremy Hunt gave his Autumn Budget speech on Wednesday. You've likely seen it on the news lauded around as a win for the government with some of the biggest cuts seen since the 1980s. But, I beg to differ and so what do you really need to know from it? π Inflation: The Ups and DownsThe headline is the drop in inflation from 11.1% to 4.6%. This sounds promising, but it's largely due to fluctuations in energy and oil prices. In fact, food and everyday costs remain way too high and real price increases are still mental when compared to a year ago. π· Economic Growth: A Closer LookEconomic growth projections are modest, with numbers like 0.6% for 2023, gradually rising over the next few years. However, these figures have been revised down from previous forecasts, hinting at a slower recovery than initially hoped. π Interest Rates: The Long GameInterest rates are expected to stabilise with inflation hitting the 2% target by 2025. What this means for us is that any potential interest rate cuts might not be seen until after Summer 2024. |
π° Pensions: Positive NewsTwo major pension updates:
πΈ ISAs and InvestmentsFrom April 2024, ISAs are getting a makeover. You'll have the flexibility to invest in multiple accounts, including more diverse assets like Private Equity and Real Estate. The Β£20,000 allowance remains, opening doors to potentially more lucrative investment opportunities. Not what we were hoping for with Lifetime ISA allowance increases or the amount of house we can buy with it increasing from Β£450,000. But, there's always the Spring budget! π§Ύ Tax AdjustmentsSignificant tax changes include a 2% reduction in Employees' National Insurance, potentially saving someone earning Β£35,000 about Β£449 a year. However, remember that Personal Allowances have been frozen at Β£12,570 until 2028, impacting overall take-home pay. These are welcomed savings, but with costs having risen much higher it's really just a bit of rest bite. π«°π½ Minimum Wage and BenefitsA welcome increase in the minimum wage to Β£11.44 per hour, translating to an extra Β£1,800 annually for full-time workers. Additionally, Universal Credit is seeing a 6.7% boost, benefiting around 5.5 million households. While some changes in the budget offer a glimmer of hope, the reality is a mixed bag with high inflation and tax pressures. The OBR forecasts suggest a challenging couple of years ahead for growth and whilst it's to be expected post covid it's still not welcomed news. Have any thoughts or things to share? Wack reply let's have a chat! Your Action Steps for This Week:
That's it for this week! Remember, staying informed and proactive is key to navigating these economic updates. We'll be back on Monday for a weekly dive into our top guides. Have a cracking weekend! Sammie P.S. Remember you can tune into the latest episodes of The Money Gains Podcast released every Wednesday! π You can help us out by sharing this email with a friend or by following us on social media via the icons just below. Watch our new video - How To Break Free From The Rat Race |
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