Champion Round-Up | 4th April

Champion Round-Up | By Ged Cosgrove, group managing partner

As we return from the Easter break, change looms on the horizon, not just in the form of shifting seasons and longer days, but also in ways that will impact businesses.

Last month, chancellor Jeremy Hunt unveiled what he termed a ‘Budget for long-term growth’. While this edition delves into a more comprehensive analysis of this year’s announcements, let’s focus on one crucial aspect: further reductions in National Insurance.

Beginning April 6th, the main rate of workers’ National Insurance decreases from 10% to 8%, applicable to earnings between £12,570 and £50,270. This welcome relief translates into more money in almost everyone’s pockets. Moreover, the self-employed will benefit from a reduction in their National Insurance rate by a substantial 2%, down to 6%. This development, announced in the Budget, will undoubtedly benefit many of our clients, and their colleagues.

While a ‘Budget for growth’ may seem like a mere slogan, it’s a necessity for the UK, especially amidst the current recession. Although this economic downturn feels different from previous ones, characterised by an unwavering resilience among businesses, it’s important to note that the reforms proposed in the Budget may face alterations, particularly with the possibility of a change in government later this year.

Regardless, as we navigate these politically and economically uncertain times, I hope you had a rejuvenating Easter break and are ready to tackle the challenges and opportunities that lie ahead. As always, the Champion team is poised and ready to support.