Well that year went by in a flash – we say it every year, but 2023 really did feel like a whirlwind.
There will be countless ‘review of 2023’ articles online, so I will focus instead on what’s to come in 2024 as it will undoubtedly be an impactful year.
First off, we will almost certainly have a General Election in the UK (technically this could be in 2025, but it looks very unlikely). In fact, Rishi Sunak has today suggested that the 2nd half of 2024 is the most likely timing for the election. Now of course that could mean July or December, but either way, it will be here before we know it.
Although six months is a long time in politics and things can clearly change, Labour currently have a commanding lead in the polls and recent by-election results have delivered landslide swings in their direction too. As such, it seems sensible to assume that Labour will form the next government for the moment.
Although we don’t know a great deal about what their economic or financial policy will look like at the moment, this will surely become clearer in the coming months as both parties go into ‘voter attraction mode’ and begin to announce policies and manifesto pledges.
We will also have an election in the US later in the year. Biden has been a stable, if not massively impactful president from an economic perspective, but perhaps that is what the world needed. The US has been more successful in tackling inflation and we may well see interest rates head lower across the pond sooner than they do here in the UK.
Many things in 2024 are lining up to be similar as we have had in 2023 – we have geopolitical tensions in many parts of the world, the oil price is heading north again and we are seeing energy prices increasing (although, fortunately in less dramatic fashion this time around).
On the Estate Planning front, the Autumn Statement rumours came to nothing at all and so once again the Government seems to have maintained the status quo. In a world with so much uncertainty, this is surely a good thing in this area of planning which is, by its very nature, long term.
Whatever 2024 may bring, we wish you a happy, healthy and prosperous new year.
