Welcome to Danbro Financial Planning’s November 2024 Newsletter, your roundup of the month’s financial headlines and insights. It should come as no surprise that November has given us plenty to talk about, so without further ado let’s get started.
In the News
Of course, it would be remiss of us not to start by discussing the Budget. October 30th saw Rachel Reeves deliver labour’s first budget in almost 15 years, and the first one ever delivered by a female chancellor in British history. The ins-and-outs of this budget will be explored in more detail in our featured article, but in a nutshell, the theme of the day was a suite of additional investments, albeit one funded by a raft of tax rises in the region of £40bn.
One of the more contentious announcements was the increase of Employers NI by 1.2%, taking it to 15%. This is in addition to a reduction in the threshold at which businesses start paying National Insurance on a worker’s earnings from £9,100 to £5000.
Employee’s NI however remained unchanged, as did income tax rates – for now. What was announced however was changes to personal tax thresholds in line with inflation from 2028.
Elsewhere, rises in capital gains tax were announced, with the lower rate jumping from 10% to 18%, and the higher rate rising from 20% to 24%. Rates on residential property will remain at 18% and 24%, respectively.
Although the thresholds for inheritance tax will remain frozen for a further two years, there have been changes announced to the reliefs available for agricultural and business property. You can read more about this in our featured article below.
Need help with Inheritance Tax Planning? Danbro Financial Planning can help.
The Financial Conduct Authority does not regulate tax advice.
Shortly after the budget, the Bank of England cut interest rates to 4.75%. Although this marked the second drop this year, the inflation rate rising above the 2% target to 2.3% has only added to speculation that another drop this year is unlikely.
With that in mind, it could be a great time to review your mortgage deal or take advantage of this new lower rate. Get in touch with Danbro Financial Planning today.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Across the pond, Donald Trump was elected US President. US stocks responded positively, seeing rises. This is thought to be a reaction to there being a clear political direction, as opposed to uncertainty leading up to the election.
Featured Article - Your October Budget Summary: All You Need to Know
In case you missed Rachel Reeves’ address to the House of Commons on 30th October, we’ve broken down the major policy announcements and analysed how they’re likely to impact you, your business, and your personal finances.
On a Lighter Note
On Monday 11th October, we were honoured to watch Paddy McGuinness cycle past Danbro HQ, Jubilee House. Lytham was only one of many spots on his journey though as he cycled a total of almost 300 miles! In an epic adventure that saw him trek from Scotland to Wales, he raised £7.5m for Children in Need.
Charlie Sturgess
Charlie is a Designer in Danbro's Marketing team. He is responsible for producing creative assets and content for use across the group's various channels.
His background is varied, having studied Design and English, and worked in the financial services as an administrator.
Outside of Danbro, Charlie can be found up a climbing wall, or watching the F1.
