UK Finance submission to Spring Budget 2024
In advance of the chancellor’s Spring Budget a month from today, UK Finance publishes 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.
- Encouraging business and retail investment by:
- launching a campaign to boost public interest in capital markets
- reducing or removing the 0.5 per cent share purchase stamp duty
- issuing a digital gilt 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
- 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
- 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
