What did 2024 Autumn Budget mean for the UK tech sector?

Quick Summary:

Improving digital adoption in public services and SMEs are particularly important steps for the growth of the UK.“However, heavy tax rises on businesses will have an impact now and come before seeing the government’s complete offer on growth… it must act fast and bring forward its plans for AI opportunities and the detail of the Industrial Strategy.

We therefore now need to turbocharge the UK business environment to rebalance this.“As a global leader and a driver of growth and productivity across the country, our UK FinTech sector – as well as creating a more inclusive and democratic financial services sector overall – has a vital role to play in growing the economy and thereby increasing tax revenues.

In a move which Reeves said was a “difficult choice” but will “drive growth across the country”, the amount businesses will pay on their employees’ national insurance contributions will increase from 13.8% to 15% from April 2025, with the current £9,100 annual threshold lowered to £5,000.

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Article Details

Author / Journalist: Jonathan Symcox

Category: InvestingBusiness

Markets: United Kingdom

Topics: Business Increase Chancellor Budget Businesses National Growth Capital Rise

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-30 @ 15:16:13 (6 days ago)

News Timezone: GMT +8:00

News Source URL: businesscloud.co.uk

Language: English

Article Length: 2646 words

Reading Time: 15 minutes read

Sentences: 69 lines

Sentence Length: 39 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BusinessCloud

News ID: 23433879

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Official Website: businesscloud.co.uk

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Coverage Areas: United Kingdom

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