What does 2024 have in store? | PKF Francis Clark

2024 is shaping up to be an eventful year at home and overseas. Amid all the change and uncertainty, there are some key themes emerging that will impact both businesses and individuals, as well as others.
The UK economy remains sluggish, with weak growth forecasts, rising government debt and higher interest rates than businesses and households have been used to since before the financial crisis of 2008.
Inflation at home may have started to fall but is now expected to remain above the Bank of England’s 2% target throughout 2024, and borrowers are now exposed once again to ‘real’ interest rates. What impact will this have on interest rates?
For business owners, increasing staffing costs due to rises in the National Living Wage, inflation and a war for talent is a key issue right now. The Government wants to get more UK citizens back into the labour market, but with further tightening of immigration rules will this be enough to ease the pressure on staffing?
With the UK tax burden already higher than it has been for over 70 years, and public finances stretched, what is the longer-term outlook for taxation levels and how that burden is shared?
Voters in the UK, US and India are set to go to the polls in 2024, while global events including COP28 and the conflicts in Ukraine and Gaza will continue to impact both financial and currency markets.
Speakers:
John Endacott, Head of Tax
Nicola Cornish, Partner
Chris Reah, Managing Director of Francis Clark Financial Planning
00:00 Introduction
01:20 OBR forecasts for 2024
02:37 The tax burden
07:43 Tax changes for 2024
09:53 National Minimum & Living Wages
14:08 Business rates
15:51 Outlook for investors
19:59 Expected returns for next 10 years
24:24 Inflation & interest rates
32:52 Inheritance Tax
42:04 Looking beyond the General Election
44:32 Government debt interest spending
50:20 Webinar close
#UKEconomy #FinancialOutlook #2024