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What could we expect from the next budget?

The Budget is always a curious time of year when anyone interested in their financial position waits to see if the Government are going to make life easier or more difficult. With lots of global turbulence and the expected chaos of Brexit, this year’s Budget should be gripping.

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Tax rates

Some pundits are predicting that the Chancellor could shake up taxation and even reduce corporate tax to support business. The middle class will undoubtedly be hoping for some tax relief, although huge changes are not likely. A new member of the US Congress is advocating more taxes on the wealthy, with a tax of up to 70 per cent for those who earn more than £7 million pounds a year. For more on this idea, see this report in The Guardian.

Austerity

Many Budget watchers will also be looking for signs that austerity could be alleviated in some ways. Many local authorities are cutting public services, particularly in poorer areas, and this is affecting social care and the homeless while increasing the number of people going to food banks.

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Those in wealthier part of the country will want to see that local services are maintained and that spending on essentials such as education and hospitals is kept at healthy levels. Spending on public institutions and the arts is also of importance, and cuts to any of these sectors can mean a reduction in services and job losses.

Business confidence will be a critical factor in this Budget, and measures to maintain or even boost business confidence will be appreciated. Small and medium-sized business owners can be particularly vulnerable to economic fluctuation, so they will appreciate moves to keep them trading. Lending can be an important element of this, and if you want to learn more about the possibilities for New Business Loans Northern Ireland, you might consider consulting a reputable local firm such as www.assetfinanceni.com/. A company like this will be able to provide help and advice, along with options for New Business Loans Northern Ireland.

The Budget will be watched with keen interest by a huge cross-section of people. A successful Budget can be a tricky balancing act, and for the economic good of the nation, it is hoped the Government does its diligent best to serve its people.

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