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Labour Budget 2024: Who will be the winners and losers?
Local TV
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23/10/2024
Low income families may benefit from increased welfare support while middle income earners may face higher tax burdens.
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News
Transcript
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00:00
The upcoming UK budget is expected to bring both opportunities and challenges, with winners
00:07
and losers emerging across various sectors. Winners could include businesses in green
00:12
energy and technology, as the government is likely to focus on sustainability and innovation,
00:19
offering incentives for investment in renewable energy and digital infrastructure. Low-income
00:25
families might benefit from potential increases in welfare support and measures to address
00:31
the cost-of-living crisis. However, public sector workers may find themselves among the
00:37
losers as wage increases are expected to be below inflation, continuing the squeeze on
00:43
real incomes. Middle-income earners could face higher tax burdens if personal allowances
00:49
are frozen or cut. Additionally, small businesses might struggle if tax hikes are introduced
00:57
to help manage the national debt, leaving them more vulnerable in an already tough economic
01:03
climate.
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