Setting the Direction: Tough Choices and Trade-Offs
- ✔️Big Budget: £300 billion in spending power.
- ✔️Key Investments: NHS, housing, greener housing retrofitting, and industrial strategy, technology.
Government Choices
- ✔️National Insurance Contributions: Burden falls on employers, alongside a minimum wage increase.
- ✔️Other Areas Affected: Private schools, capital gains tax, agricultural treatment, asset disposal, and pension tax relief.
Growth and Productivity
- ✔️Public Investment: 33% of funds allocated to housing, transport infrastructure, and regional growth.
- ✔️OBR Forecasts: 2% growth next year, trending down to 1.7%.
- ✔️Business Investment: Expected to be slightly lower.
Employment Rights Bill
- ✔️Key Changes: Removal of the 2-year qualifying period, softer probationary rules, banning zero-hours contracts, guaranteed hours contracts, stronger reasons for fire and re-hire, and more.
- ✔️Implementation Timeline: Full consultation in 2025, changes in 2026.
Preparing for Change
- ✔️Action Points: Review recruitment processes, update contracts, accommodate flexible working, and train managers on new regulations.
Q&A Highlights
- ✔️Growth Concerns: Productivity growth remains a challenge.
- ✔️Capital Gains Tax: Seek advice on company setup.
- ✔️National Insurance Impact: Potential knock-on effects on employment and competitiveness.
- ✔️Housing Market: Adaptation required due to stamp duty changes.
- ✔️Interest Rates: Potential pressure but expected to stabilize.
Presenters
- ✔️Rashpal Martin – Head of Direct Relationship
- ✔️Dave Furnival – Head of Broker and Business Development
- ✔️Sebastion Burnside – Chief Economist at NatWest Group
- ✔️Kathleen Strachan – Head of Technical Advice
Let’s stay informed and prepared for these significant changes! 💼📈
