Video: What We Want To See From The Autumn Budget
Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.
Daniel Harrison, Senior Partner at True Potential Investor, previews the key talking points around the November 22 Autumn Budget.
“In our opinion, this is an important budget. It is the first since the general election and, with Brexit remaining the hot topic, gives government the opportunity to create a bold strategy to fuel UK growth over the next 12 months.
Unfortunately, we don’t think this will be the case. The Chancellor will be hindered somewhat by the minority government and the uncertainty caused by the current Brexit negotiations.
What True Potential would really like to see would be a simplification of investment products and a further increase of the ISA savings allowance. We also think that the best Budget would be one that reverses some of the recent pension allowance reductions. Over the last 2 years in particular, pensions have undergone some of most radical reforms and there has been huge erosion in the annual and lifetime allowances, dictating how much savers can contribute to their pension.
That said, we are realistic. Growth in the economy is still low which makes it harder for the Chancellor to hit his fiscal targets. Therefore, raising some money with another raid on pension annual and lifetime allowances could be too tempting to resist. We think this would be an unwelcome move that sends out the wrong message. So True Potential hope that the Chancellor will leave pensions well alone because we believe they need a period of stability and calm. Constant changes further undermine pensions’ credibility and consumer confidence.”