Simoney Kyriakou  

A Budget borrowed from Labour's playbook

Simoney Kyriakou

Simoney Kyriakou

The 90 per cent cut for the lifetime limit on entrepreneurs' relief has not gone down well, with fears this reduction from £10m to £1m will have a directly negative impact on those advisers looking to sell their businesses.

A raising of the upper limit for the Junior Isa and Child Trust Fund has been welcomed - £9,000 a year is a good chunk of money that parents and grandparents can help put aside for their children's future financial health - but many people feel the chancellor has not gone far enough to help the higher earners when it comes to the tapered annual allowance. 

If Mr Sunak has taken a leaf from Labour's playbook, he has borrowed to boost the wages, lower the taxes and help improve the savings potential of the lower to average earner. 

As far as the nation's highest earners are concerned, the measures announced in the Budget do not go nearly far enough to help them, while the continued lack of a rise in the inheritance tax threshold means more and more people will get caught in the IHT trap. 

Perhaps Mr Sunak needs to stop borrowing from the Labour manifesto if any real value-added tax incentives are going to help the vast swathes of middle England looking for a helping hand with their retirement plans.

Simoney Kyriakou is editor of Financial Adviser