9th February 2024

UK Finance Submission to Spring Budget 2024

In advance of the chancellor’s Spring Budget a month away, UK Finance has published its Budget Submission. The financial services sector has a critical role to play in driving economic growth and investment and we believe these measures would help the UK achieve continued growth and prosperity:
1.Encouraging business and retail investment by:
-launching a campaign to boost public interest in capital markets
-reducing or removing the 0.5% share purchase stamp duty
-issuing a digital guilt to accelerate the digital transformation of the UK’s markets
-reforming MREL regulations to unlock new investment to support SME lending
-replacing the Recovery Loan Scheme with a new Growth Loan Scheme to support UK businesses as they seek to invest and grow
-accepting all recommendations of the Prompt Payment & Cash Flow Review
-publishing a tax roadmap for financial services

2. Enable a thriving housing market for homeowners and renters by
-amending the Lifetime ISA scheme
-making the first-time buyer stamp duty threshold of £425,000 permanent
-reintroducing an equity loan scheme such as Help to Buy for first time buyers, with emphasis on regional variations in property value
-expanding and accelerating the roll out of the First Homes scheme alongside a review of the consumer experience of Shared Ownership

3. Forge a pathway to net zero by 2050, aligned with a just transition by
-issuing sector by sector net zero investment roadmaps to set out policy, spending and regulatory interventions
-creating a government advisory service to provide homeowners with free, independent retrofitting advice and provide certainty for firms involved in retrofitting

UK Finance Trends(488 articles)