Today’s autumn statement below from Manning Gee Investments in Bristol.
Please see reaction to today’s autumn statement below from Manning Gee Investments in Bristol.
Samuel Gee of Manning Gee Investments in Bristol, said: “The 8.5% commitment to the Triple Lock is an encouraging outcome for pensioners, delivering one of the most significant cash increases to the state pension. For those receiving the full state pension, this translates to a substantial rise of over £900, offering a crucial lifeline to individuals heavily reliant on it for critical living costs.
“In tandem, the 9.8% increase in the minimum wage, now standing at £11.44 per hour, marks a positive stride for low earners. The extension of this increment to individuals aged 21 and 22 recognises the essential living expenses faced by those in this age bracket who would typically earn less while performing the same job. Coupled with adjustments to the benefit system, these changes reflect a significant shift towards inclusivity in the workforce, aligning with the Chancellor’s vision to ‘make work pay’.
“Furthermore, the reduction in National Insurance contributions for the self-employed stands as a substantial boost for those fundamental to the economy’s backbone. This move underscores the government’s dedication to supporting active contributors to overall economic growth, and the reduction of NI for employees means an extra £37.50 per month
of net pay for someone on a salary of £35,000.
While there are positive developments for pensioners and the self-employed in the Autumn Statement, concerns arise regarding the allocation of resources, particularly for small businesses heavily dependent on their workforce.
The notable tax loophole for large firms with ability to invest, coupled with a relatively modest measure for the self-employed, raises questions about the balance of support across sectors. The impact on small businesses, especially those with substantial staff-related expenses like hospitality and smaller retail businesses appears to have been overlooked. This lack of explicit support disproportionately affects smaller companies with precarious cash flow, despite their valuable contributions to the overall economy.”
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