{"id":3567,"date":"2026-09-10T09:21:10","date_gmt":"2026-09-10T08:21:10","guid":{"rendered":"https:\/\/www.buckinghamgate.co.uk\/blog\/?p=3567"},"modified":"2026-09-10T09:21:10","modified_gmt":"2026-09-10T08:21:10","slug":"it-begins","status":"publish","type":"post","link":"https:\/\/www.buckinghamgate.co.uk\/blog\/it-begins\/","title":{"rendered":"It Begins…"},"content":{"rendered":"

It was almost as if this was totally predictable. It was as if this has happened time and time again in the lead-up to previous budgets, autumn statements and other ‘fiscal events’. As if a pattern is repeating itself over and over.<\/span><\/p>\n

Of course what I am talking about is the budget rumour mill. We are now around 7 weeks out and this fires the starting pistol for the media to whip us all up into a frenzy speculating on what may or may not be in the red briefcase on budget day.<\/span><\/p>\n

Now, of course, a key point to remember is that pretty well noone knows at this point.\u00a0<\/span><\/p>\n

I would wager even the Chancellor has not locked down any specific budget measures at this stage in the game.\u00a0<\/span><\/p>\n

In fact, given the perilous state of the country’s finances over the past few years it would seem that (anecdotally at least) Chancellors have delayed signing off on their final budget measures until the very last minute in some vain hope that the economic data would miraculously improve and give them a little more of the fabled ‘fiscal headroom’ to work with so they don’t have to be quite so mean with tax rises and spending cuts.<\/span>\u00a0<\/span><\/p>\n

If the past two years have shown anything, it is that economic data has been stubbornly gloomy for UK PLC and this year appears to be no different. In fact, in some cases, things look much worse.<\/span><\/p>\n

First of all, we have the cost of government borrowing. The 10 year and 30 year gilt yields are currently running at highs not seen since the 2007\/8 financial crisis (worse even than in the wake of the Liz Truss mini-budget – and we all remember how much the market got its knickers in a twist over that one!).\u00a0<\/span><\/p>\n

We have high numbers of people out of work or training, especially among younger generations. We have 2 major wars being fought which is pushing up the price of almost everything and we have a generation of mortgage holders about to get the shock of the century when their current fixed rate comes to an end and their mortgage payments go up by 100s a month!<\/span><\/p>\n

All in all then, it would seem the chancellor has little wiggle room.<\/span><\/p>\n

As a result, I think we can safely assume this will be a budget without any major giveaways. Any that are made will likely be funded by taking money from elsewhere.<\/span><\/p>\n

I think we can also say with near certainty that there are not going to be any improvements to the CGT or IHT regime. As I have been saying for a while now – things may get worse, but they are very unlikely to get better. As such, the status quo is about the best we can hope for.<\/span><\/p>\n

The result of all this … people are now panicking.\u00a0<\/span><\/p>\n

As is human nature, things that have been procrastinated on and pontificated about for months are now, all of a sudden, urgent. And understandably so. This Government hardly has a reputation for being kind to those a little better off, so people are rightly fearful of what they might come for next.<\/span><\/p>\n

We stand ready to assist clients if there is new planning to implement ahead of the budget and we still have time, but the window is small. As we approach the end of September and certainly into the beginning of October, there will then be insufficient time to get new planning in place before the big day. We will then have to accept our fate and plan within whatever new world the chancellor has in store for us.<\/span><\/p>\n

I have been saying this for months and months now and, this time, it’s serious…\u00a0<\/span><\/p>\n

The time is now!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

It was almost as if this was totally predictable. It was as if this has happened time and time again in the lead-up to previous budgets, autumn statements and other ‘fiscal events’. As if a pattern is repeating itself over and over. Of course what I am talking about is the budget rumour mill. We… Read more »<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3567","post","type-post","status-publish","format-standard","hentry","category-uncategorised","wp-sticky"],"_links":{"self":[{"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3567"}],"version-history":[{"count":3,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3567\/revisions"}],"predecessor-version":[{"id":3570,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3567\/revisions\/3570"}],"wp:attachment":[{"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buckinghamgate.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}