The autumn budget publishing date has been confirmed for the 22nd November and many are in the process of making predictions as to what this could mean going forward.
This new budget has been created based on the latest forecasts from the Office for Budget Responsibility and sets out a new plan for the country’s economy. We take a look at how this new budget could affect different sectors of the UK’s economy and what we can expect at the end of the month.
Help for first-time buyers?
In a bid to win over younger voters, it has been reported that the chancellor proposes to scrap Stamp Duty for first-time buyers. It was calculated that first-time buyers could be looking at around £11,427, on top of their mortgage and deposit, for Stamp Duty alone.
The budget could also see a huge boost of funds going towards the already successful Help to Buy scheme, that has seen a huge number of young people be able to afford their own homes.
Will older generations be forced to make things easier for young people?
At the moment it is just a rumour, but there has been talk that the chancellor could target older workers in order to secure tax breaks for the younger generation.
The change could see a cut to pension tax relief, in order to fund NI contributions for those between the ages of 20-30. Although this rings good news for young people, the older generations could be facing a serious hit when the new budget is confirmed.
How will the autumn budget affect students?
Student loans continue to be a huge discussion every time a new budget is announced. Ever since the change to tuition fees, there has been discussion as to how the government can make higher education more accessible to a greater number of young people.
It is rumoured that the repayment threshold could be increased from £21,000 to £25,000 in order to give graduates a chance to find higher paying jobs. Universities could also be forced to be more flexible with what they charge, depending on the course’s employability rate.
With many of the reports being simply rumours, we can only speculate as to how this new autumn budget will affect us. We can only wait until the 22nd November to find out if any of the above points come to light, until then, why not get in touch to see if we can help you or your business?