Post budget blues, but shaping financial futures
Budget day typically consists of a flurry of news snippets and highlights and for many of us it takes a few days or even weeks to digest all of the news and to come to an overall conclusion about how much better or worse off we might be in the future, both personally and as a business owner.
At our recent post Budget webinar, we asked attendees for their views and unsurprisingly as the country looks to cover the costs of the Covid pandemic, 80% said this Budget would leave them worse off as an individual. Fifty seven percent said this Budget will leave businesses worse off.
Encouragingly, this Budget has caused both individuals and business owners to reconsider financial plans for the future.
- 53% said they would reconsider or explore pension funding and retirement planning
- 37% said they would reconsider or explore personal finance plans
- 18% said they would reconsider or explore their property plans
- 41% said they would reconsider or explore remuneration strategies for staff
- 20% said they would reconsider or explore R&D tax credits for their business
Daniel Grainge, Partner and Head of Tax comments: “It is no great surprise that individuals and business owners believe they will be worse off after the Budget. It is interesting and encouraging that people are thinking quite broadly about their finances and financial planning and clearly where they want to be in the future.
We are here to help people shape their future and to make informed decisions which will help them to reach their financial goals and objectives. It is never too early to start thinking about your future.”
A recording of our Budget question time – connecting the dots webinar can be found here.
If you would like to discuss the implications of the Autumn Budget then please get in touch with us.
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