🍂 As autumn approaches, all eyes are on Chancellor Rachel Reeves and her upcoming budget announcement on 26 November. With whispers of economic challenges and fiscal shortfalls swirling, this budget could impact us all.
The government’s commitment not to touch major taxes like National Insurance, income tax, VAT, and corporation tax means options are tight. However, creative solutions are expected to bridge the anticipated £20 to £40 billion gap.
There’s a buzz around potential cuts to tax-free cash pension entitlements. Pensions Minister Torsten Bell, a longtime advocate for capping the tax-free lump sum, has reportedly been closely advising Reeves, adding fuel to these speculations.
Meanwhile, changes to the Cash ISA allowance are also being rumoured, though Stocks and Shares ISAs appear safe, especially after Reeves sang their praises over the summer.
Stay tuned as this unfolds, as the decisions could influence everything from our wallets to the economy’s future. How do you think this budget will shape up? Share your thoughts! 💬💼🍁