Hardman & Co Insight: The October 2024 Budget - We got it wrong
Our Hardman & Co Insight of October 2024 looked forward to the first Labour Budget for 14 years. The main theme was that, because the new Chancellor, Rachel Reeves, had ruled out increases in taxes on ‘working people’, investors would bear the brunt of any tax increases to fill the alleged £22bn hole in the public finances left to the new government by the Tories. The pain that was going to be suffered was increased by the aim to raise some more to improve public services, so Reeves booked £40bn of tax rises.We have to admit that, whilst there was an impact on investors, the main issue about the Budget was completely different. Instead of investors being the largest target, it turned out to be employers. That sparked concern about growth prospects and the ‘fiscal rules’. As a result, 2025 will be very tough for the UK economy. Our forecasts at the end of this piece for the year ahead make difficult reading.
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