As the UK gears up for its upcoming Budget announcement on October 30, UK Finance has published its Autumn Budget submission today, outlining pivotal strategies aimed at fostering a robust financial ecosystem and contributing to the nation’s socioeconomic development.
Under the theme of “Building a Better Society,” the submission highlights three critical focus areas:
- Driving Economic Growth
- Advancing Clean Energy Initiatives and the Net Zero Transition
- Combating Fraud to Enhance Public Safety
David Postings, Chief Executive of UK Finance, emphasized the urgency of implementing these measures, stating, “The new government is committed to delivering sustainable economic growth, and the financial services sector plays an indispensable role in this endeavor. The forthcoming Budget represents a significant opportunity for the government to articulate a comprehensive plan for the UK. In our submission, we urge the government to not only implement strategies to stimulate growth but also propose a suite of initiatives designed to assist households and businesses across the nation. As a crucial component of the UK economy, the financial services sector is poised to actively contribute to growth and to the creation of a better society for all.”
Among the recommendations put forth by UK Finance are:
Driving Economic Growth
Develop a comprehensive roadmap for business taxation that specifically addresses the needs of banks.
Maintain the elevated threshold for first-time buyers exempt from Stamp Duty and consider annual adjustments for all Stamp Duty bands.
Secure long-term funding for the Growth Guarantee Scheme.
Promote share ownership by eliminating the 0.5% stamp duty on share purchases for UK equities.
Reform the Consumer Credit Act to regulate Buy Now Pay Later services and lower lending barriers.
Leverage dormant asset funds to implement mandatory financial education programs in all schools.
Form a cross-government taskforce dedicated to addressing financial abuse.
Advancing Clean Energy Initiatives and the Net Zero Transition
Release detailed Net Zero investment roadmaps for key economic sectors, outlining necessary policy, spending, and regulatory actions.
Provide updates regarding plans for a National Wealth Fund and clarify the role of public finance institutions in facilitating the transition.
Establish a government-led agency tasked with enhancing home energy efficiency and train skilled workers through an apprenticeship scheme aimed at greening the housing stock.
Introduce a Stamp Duty rebate for homeowners who enhance their properties’ energy efficiency, and consider making green home improvements VAT-free.
Combating Fraud to Enhance Public Safety
Mandate that technology, social media, and telecommunications companies contribute to the funding of economic crime prevention and fraud reimbursement efforts through a more accountable funding model.
For those interested in reviewing the full budget submission, it can be accessed [here](insert link).
This comprehensive set of recommendations aims to not only foster economic growth but also enhance safety and sustainability across the UK, ultimately contributing to a better society for all citizens.
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