Does the Chancellor’s speech tell us anything new about the Autumn Budget?

Fear and uncertainty have been growing around the Autumn Budget, which is set to be officially unveiled on 26 November.

In an attempt to settle some of the anxiety, Rachel Reeves has delivered a speech wherein she wanted to set the context for the Autumn Budget.

However, the lack of concrete details has allowed additional speculation to manifest causing more concern for the end of the month.

As such, it is important to understand what may await and how to plan accordingly.

What did the Chancellor’s speech reveal about the Autumn Budget?

The Chancellor’s speech did not reveal any concrete details that could have allayed fears about the Autumn Budget.

Commentators and politicians have been swift in their dismissal of the effectiveness of the speech, given that the lack of substance may have caused more concerns.

Specifically, Reeves’s inability to rule out breaking any of Labour’s manifesto pledges has caused many to assume that Income Tax increases are assured.

If this were to come to pass, businesses and individuals alike would feel the impact as ongoing cost-of-living concerns have resulted in a lack of spending power.

With the festive period kicking in soon after the Autumn Budget, ongoing financial fears might see businesses miss out on the seasonal boost to revenue on which they typically rely.

There is no definitive word on which, if any, taxes will increase, although many believe that tax hikes are inevitable.

This is due to Reeves reiterating her reluctance to rely on borrowing as a means to combat the economic blackhole.

Instead, she claims to want to tackle the cost of living crisis even as it seems likely that those impacted by it will end up paying more.

How can I prepare for the Autumn Budget?

If there was ever any sense of optimism around the upcoming Autumn Budget then it is probable that hope has dissipated.

This means that businesses and individuals should be doing all that they can to brace for any upcoming changes.

With it looking increasingly likely that taxes will rise, it is necessary to begin tax planning now so that you are ready for whatever gets announced.

Understanding your existing tax obligations and how increases to these would impact your finances will be necessary to ensure that you are not caught out.

We can help you understand how you are likely to be impacted and help you prepare accordingly.

Speak to our team today to prepare effectively for the Autumn Budget.