Chancellor Jeremy Hunt could have more options ahead of March’s Budget as government borrowing halved at the end of 2023. With a general election looming, Hunt may take the opportunity to ease the tax burden. Read on to discover some of the personal finance changes that could be announced.

Figures from the Office for National Statistics (ONS) show that government borrowing halved in December 2023. The lower deficit of £7.77 billion – the lowest month since 2019 – means the chancellor has more scope to implement tax cuts, increase public s...

When you start thinking about the steps you need to take when retiring, your focus might be on the financial side. Yet, it’s often a good idea to start with your lifestyle aspirations.

Last month, you read about the different options when deciding how you’ll retire. Now, it’s time to consider what your ideal retirement lifestyle would look like.

Setting out your retirement lifestyle may be useful for several reasons, including:

• Giving your retirement plan a focus
• Helping ensure your financial plan reflects your aspirations
• Informing...

The property market experienced challenges in 2023, which may have affected your outgoings. But what could affect house prices and mortgages in 2024?

Last year, rising interest rates as the Bank of England (BoE) sought to tackle high inflation led to millions of homeowners facing soaring mortgage costs. This had a knock-on effect, with some people struggling to secure a mortgage due to affordability tests and property sales falling in some areas as a result.

Some of the key trends in 2023 are set to continue into the new year. Here are f...

Retirement can be an exciting milestone, but one that you might feel nervous about too. Setting out how to achieve the retirement lifestyle you want could help put your mind at ease. One of the first things you may have to consider is how you’ll retire – would a phased retirement suit you?

Over the next few months, you can read about key considerations if you’re nearing retirement, from contemplating the emotional side of stepping away from work to how to access your pension. Read on to discover if a gradual retirement transition could be...

The last few years have seen volatile investment markets due to the pandemic, lockdowns, and fears that high inflation could lead to economic recessions. Looming general elections could mean investors continue to experience ups and downs throughout 2024.

UK prime minister Rishi Sunak is expected to call a general election at some point in 2024. Indeed, the last nationwide vote took place on 19 December 2019, so the next general election has to happen by 28 January 2025 – five years after the current parliament first met.

As of December 2...

In recent months, house prices in the UK have come under pressure. Rising interest rates and the cost of living crisis have dampened demand for homes, with Halifax reporting that the average UK house price fell by 4.7% in the 12 months to September 2023.

This lack of demand has led to many sellers reducing the asking price of a property to generate interest.

Indeed, a report in the Guardian reveals that more than a third (36%) of properties on the market have had their asking price reduced at least once.

If you’re looking to buy a prope...

Some pension savers may have unwittingly exceeded a tax allowance and could now face a higher bill, figures suggest. According to HMRC data, the number of people exceeding the Annual Allowance increased by almost 20% in 2021/22 when compared to just a year earlier.

The HMRC figures show more than 53,000 people contributed more to their pension than the Annual Allowance in 2021/22. They may unexpectedly pay more Income Tax as a result.

A pension is a tax-efficient way to save for your retirement. However, it’s important to be aware of the...

Reducing debt

• The government is reducing debt and borrowing, with borrowing forecast to be lower this year, next year, and on average over the forecast period compared to the OBR's March forecast.
• Underlying debt is also lower as a percentage of GDP, by an average of 2.1 percentage points across the forecast.
• The government is on track to meet its debt and borrowing fiscal rules with greater headroom against both rules compared to spring.
• The government has made available up to £14.1 billion for the NHS and adult social care and an a...

UK Chancellor Jeremy Hunt’s 2023 Autumn Statement outlined, in his words, “eight months of hard work” and no fewer than 110 measures to help grow the British economy. Contained within are a raft of measures set to overhaul everything from minimum wage and benefit payments to tax, business investment, and more. 

The Winners

Young and low-paid staff

Although the news was released ahead of the main statement, the announcement confirmed a large-scale increase to the national living wage, bringing the hourly rate from £10.42 to £11.44 (an...