Budget 2024: Financial Planning Implications

Chancellor Rachel Reeves has just unveiled the Government's Budget for 2024, and while the details are now in, there are no real surprises here, after weeks of speculation.

In this video, I break down what this means for your financial planning, highlighting the key points and implications that could impact your savings, investments, and retirement strategy. Tune in to get an insightful overview without the jargon, so you can stay informed and make confident decisions for the year ahead.

#meaningfulmoney #meaningfulacademy #budget2024

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CHAPTERS:
0:00 - Intro
1:16 - Income Tax
2:03 - Employer's NI and Corporation Tax
3:16 - Capital Gains Tax
4:41 - Inheritance Tax
6:06 - Pensions
7:18 - What should we do?

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📫 Leave me a comment below - I read all of them and love hearing from you!

[christines]

Thanks for taking time out of your holiday to give your update, Pete. I hope you feel better very soon.

[adamwestrip]

Thanks for your dedication Pete. Despite being unwell you’ve delivered another great video. Enjoy your break and get well soon.

[glynjones]

Thanks Pete for taking the time. Also, i really appreciate you NOT indulging in all the scaremongering and pointless prediction that so many did! Just whips up panic and creates the sort of uncertainty that makes people do stupid things. We're all blessed to have you in our corner!🙏🤗

[roblowry]

Thanks Pete. Hope you feel better soon, and can enjoy the rest of your holiday

[gorticastle]

Thanks Pete for taking time out of your holiday to bring your balanced calm words of wisdom. Hopefully the hipe will settle now and more importantly hopefully you’ll feel better soon!

[lynnoorman]

Lighting really wasn't that bad, nor the audio. Your content was once more excellent with clear explanations. Thank you for taking time out of your holiday to do this, especially when you are feeling unwell. Hope you feel better soon.

[iansimpson]

Great video. Get well soon Pete. As you say don’t panic as we can plan. Happy with budget but would love to see HMG take some accountability for service delivery and growth before next reshuffle 🤞

[stuartogden]

Thanks for the video Pete and hope you feel better soon. Dreadful Budget - the effects on UK businesses will be sorely felt

[ryanwdavies]

❤❤ this is the video I was most waiting to see focused clear and easy to understand thank you, be well soon sah

[ushasundaram]

Thanks for this Pete, going above and beyond to do this when you are on holiday and unwell. Much appreciated. Get well soon. And try to enjoy the rest of your holiday.

[richsmart]

As you said the other day. No point trying to 2nd guess and wait for the announcements. Enjoy the holiday and hope you feel better soon. People sneezing and coughing all over the train I'm on. Expecting the manflu to hit over the weekend....

I would have loved to see the fiscal drag be reduced from 2028 to 2026.

[allaboutyoupodcast]

Great Summary Pete thank you for taking the time to make this video during your holiday and while sick, what a warrior. Hopefully a speedy recovery for you greeting from Valencia Spain

[iainhunneybell]

Nice, succinct summary, and get well soon. Great (not!) to go away for a break and then get sick ... and then to take time-out to make a video for us. Thank you Pete

[robertyoung]

Thanks for the swift update Pete given you are on your hols. Look forward to the Q&A on Monday, should be interesting. Hope you feel better soon.

[stiffydart]

Pragmatic as ever. Thankyou, and get well soon.

[tomcapping]

Was looking forward to this update, thanks for going through with it despite the illnes (especially as if it was anything like our household had recently, it's no fun at all)!

[russdavey]

Thank you Pete, great summary and very reassuring! 🙏🏻

[C-L]

Great news about not messing with pensions too much and a massive relief for me and knowing where we stand with income tax thresholds helps planning for later in the decade, I’m not a labour supporter but was pleased with the budget as a whole.

[davidcollier]

Thanks very much Pete for taking time out of your holiday to update us and as ever it was well balanced and informative without the drama. No surprises and it all seemed pretty reasonable given the circumstances. I have a couple of questions:
1. Will Voyant Go be updated to prioritise withdrawals differently, e.g. if I understand correctly SIPPs no longer need to be squirrelled away until everything else has gone for inheritance reasons but I suppose you still want to drawdown to minimise tax so maybe nothing changes and excess SIPP withdrawals still come last?
2. (probably a stupid question) If I have ISA and SIPP investments that are managed by say Vanguard and they buy and sell shares within the the investments I hold are Vanguard subject to the higher Capital Gains Tax and will the investments yield less as a result?
Get well soon and enjoy the tranquility there.

[simonbattle]

Thank you, most interesting impromptu analysis, and get well soon!