A thought ahead of the Autumn Budget

With Chancellor Rachel Reeves preparing to deliver her second Budget later this month, Partners and Finance Leaders I speak with are reflecting on the impact of last Autumn’s announcement and what it has meant for their clients… and now await further announcements. 

Reeves’ last Budget set the tone for a period of adjustment. Businesses have been managing a noticeably higher tax burden and many are now taking a more cautious approach to hiring and investment. Confidence has softened across several sectors and it is clear that many businesses are feeling the squeeze on margins and of course the increased labour costs.

At the same time, increased public investment and continued incentives around technology and efficiency have created opportunities for those able to adapt and innovate. Practices with clients in infrastructure, clean energy or digital transformation have seen this first-hand.

Against this backdrop, accountants and tax advisors have played a vital role – helping clients rethink budgets, review pricing, strengthen forecasting and make well-informed tax-related decisions in a changing landscape. Whatever the next Budget brings, the profession will once again be at the centre of guiding businesses through the detail and into the next phase.

We will all have thoughts on this month’s budget and it will be interesting to hear what our clients are preparing for and hoping to see at the end of the month. Without doubt it will create an increased workload for advisors in an already busy Tax season.

Lisa Wintrip, Director