UK money experts warn against quick moves before next weeks budget changes
British financial experts suggest careful thinking about money decisions as Labour prepares its first budget. Many people are making fast choices with their savings‚ pensions and businesses before tax rules change
Financial advisors are warning against quick-fire decisions as Rachel Reeves prepares to announce her first Labour budget next week. The govʼt needs to fix a £22bn money gap‚ and its making lots of people nervous about their cash
Around 9.5k well-off Brits (with most heading to EU countries) are already planning their exit‚ after Sir Keir Starmer changed non-dom rules before winning the 07/2024 election. The tax-free Isa accounts got super-popular this month; their use went up 300% in early-Oct compared to last year
Business owners are shutting down fast: more than 1‚600 companies closed in 10/2024 (double last years number) because they think capital-gains tax might go up. James Norton from Vanguard Europe says: “people shouldnt rush into decisions that could hurt them later“
I need to raise money for my new business and if the environment for investors becomes too hostile in the UK I will have to move
Pension savers are also making quick moves: many people aged 55+ are taking out their tax-free money (currently up to £268‚275) before the rules might change. The number of withdrawals in Sept was twice as high as last year; experts say its not smart to take money out just because youre worried
Lots of property owners sold their buildings fast‚ and rich people are moving to places like Milan where taxes might be better. Stuart Wakeling from Henley & Partners says they saw 160% more UK people asking about moving abroad in the last 6 months
