With little room for manoeuvre because of wars in the Middle East and Ukraine, John Healey, the new Chancellor of the Exchequer delivered a Budget (October 28) that many in business described as modest.
But there were some signs of hope for householders and small businesses, with promises of a £100 claw back on fuel bills for some householders and an increase in small business rate relief for retail, hospitality, and leisure businesses from £12,000 to £18,000.
HR specialist Sarah Plant, founder of Barlaston based People Team Solutions Ltd welcomed the end of unfairness for self-employed new dads and their partners.
She said: “Previously the self-employed missed out on a payment of up to £194 a week, so it is good to see that the Government has acted to rectify that unfairness. These people should have always been treated in the same way as those employed by companies.
“On another note, while it may feel unfair at first glance, the fact that the plan to increase the minimum wage for younger people at a faster rate than workers aged 21 and over is a relief for workplace managers and those of us who work in people management.
“The accelerated increase previously proposed could cause inequity and unfairness in the workplace when it comes to keeping pay differentials, and there’s evidence that it isn’t helpful to 18 to 20-year-olds seeking employment. Why would an employer give a job to an 18-year-old with little work record when their wages were rising at the same rate as a more experienced 22-year-old?
“Now the minimum wage will rise at 3.9% for all. Minimum wage has risen by 50% since 2020, so employers will welcome a more modest increase next year.”
Meanwhile, Newcastle-under-Lyme financial adviser Danny Hattersley welcomed plans to pull back on proposals to cut the amount people can save in a cash ISA, announced by the Chancellor.
“These plans were causing concern for people who were able to build a financial nest egg, so scrapping the limit will be welcomed. It has been a repeated topic of conversation among savers I see.
Danny Hattersley Financial Planning, based at the Lymedale Business Centre, offer advice on savings and pension plans.
“People are understandable worried because of the financial problems caused by wars in the Middle East and Ukraine and need reassurance,” added
Danny. “In terms of pensions, we didn’t see any real change in the Budget this time, but what people would like to see is more long-term planning from the Government to ensure a stable pension pot.
“There was positive news from the Chancellor for young people looking to save for a house with the announcement of the new first time buyer ISA and a loan scheme for first-time buyers to be funded with £4.7bn.”
