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Budget Scene-Setting

With three weeks to go until her Autumn Budget the Chancellor, Rachel Reeves, has taken the unusual step of making a pre-budget speech. Her remarks felt very like the preamble with which Chancellors traditionally open their budget announcements; setting out the state of the country’s finances before delving into the detail. The only elements missing were statistics and forecasts from the OBR and others.

In the immediate aftermath of the speech the FTSE 100 fell sharply although, at the time of writing some two hours later, it is now showing a slight upturn. Sterling also fell; albeit with the fall partly driven by market anticipation of a rate cut by the end of the year.

Market analysts are interpreting the speech as an indication that the first income tax rises for fifty years may be on the horizon. However, as we indicated in our last article, until the actual budget announcement any commentaries should be seen as speculation rather than fact. The best advice for investors therefore is to continue to invest based on current personal circumstances and future goals.

If you are looking for advice on investments or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.