Banking Crisis And UK 2023 Budget Summary, What You Need To Know

Money Tips Daily by Charles Kelly, former IFA and author of

Another bank bailed out while Paris burns.

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As expected, Jeremy Hunt’s first budget did little to excite investors and the property industry.

Watch YouTube video - https://youtu.be/igKUWeiF4W4

With the country still recovering from the events of the last two years and massive Government debt there was not much money to give away in this budget. Chancellors usually save that for a pre-election budget!

Jeremy Hunt highlighted concerns about the banking sector, following the collapse of America’s Silicon Valley Bank, Signature Bank and a further bailout by the US banks, but reassured us that the UK banking industry is safe.

European Central Bank supervisors see no contagion for euro zone banks from recent sector turmoil, a source said on Friday, after U.S. lenders threw First Republic Bank a $30 billion lifeline and tapped record amounts from the Federal Reserve.

Large U.S. banks on Thursday were forced to rescue the San Francisco-based lender, which was caught up in market volatility triggered by the collapse of two other mid-size U.S. banks.

This week, Credit Suisse went ‘cap in hand’ to the central for an emergency bank loan of up to $54 billion to shore up its liquidity – banking terms for having no money!

The National Residential Landlords Association described it as missed opportunity to tackle the supply crisis in the private rented sector and the Royal Institution of Chartered Surveyors (RICS) said it was disappointed by the lack of housing ambition in the budget.

However, the Chancellor did announce 12 new Investment Zones across the UK and relaxed Immigration Rules to help the construction industry cope with staff shortages.

Most of us will be paying more tax in the coming years due to the ‘fiscal drag’ caused by tax allowances not rising in line with inflation each year.

Here’s a summary of the main points, but you can read the full budget speech at the commons library - https://commonslibrary.parliament.uk/research-briefings/cbp-9748/

Budget main points

· Energy cap limiting typical household energy bills to £2,500 a year extended to June

· £200m to bring energy charges for prepayment meters into line with prices for customers paying by direct debit - affects 4m households

· Lifetime Allowance – the cap on amount workers can accumulate in pensions savings over their lifetime before having to pay extra tax (currently £1.07m) to be abolished

· Tax-free yearly allowance for pension pot to rise from £40,000 to £60,000

Full list on recording.

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