Labour Budget 2024: Who will be the winners and losers?

Low income families may benefit from increased welfare support while middle income earners may face higher tax burdens.

Transcript

00:00The upcoming UK budget is expected to bring both opportunities and challenges, with winners

00:07and losers emerging across various sectors. Winners could include businesses in green

00:12energy and technology, as the government is likely to focus on sustainability and innovation,

00:19offering incentives for investment in renewable energy and digital infrastructure. Low-income

00:25families might benefit from potential increases in welfare support and measures to address

00:31the cost-of-living crisis. However, public sector workers may find themselves among the

00:37losers as wage increases are expected to be below inflation, continuing the squeeze on

00:43real incomes. Middle-income earners could face higher tax burdens if personal allowances

00:49are frozen or cut. Additionally, small businesses might struggle if tax hikes are introduced

00:57to help manage the national debt, leaving them more vulnerable in an already tough economic

01:03climate.