Business
Spring Budget 2024: Liz Earle MBE and top business leaders unpack growth strategy
Did the Spring Budget deliver on the government’s promise to accelerate economic growth? A staggering 92% of attendees at Soldo’s Spring Budget debrief felt the new policies fell short of expectations for stimulating growth.
What is Soldo’s Budget Series?
Staying informed about government budgets and fiscal policy announcements is essential for UK businesses. Soldo’s Budget Series bridges the gap by convening business and economic leaders to share insights and deliver a comprehensive analysis of the latest fiscal policies and trends.
Soldo’s Spring Budget 2024 debrief
In our recent Spring Budget debrief we brought together an expert panel to discuss Chancellor Jeremy Hunt’s 2024 Spring Budget.
- David Owen, Chief Economist, Saltmarsh Economics
- Emma Heal, Managing Director, Lucky Saint
- Liz Earle, CEO, Liz Earle Wellbeing
- Carlo Gualandri, Founder and CEO, Soldo
Here’s what our experts had to say about the Spring Budget:
Unlocking growth: tax breaks and technology
David Owen pointed out that while the UK economy is performing better than expected, productivity remains a challenge. The UK’s strong service sector positions us well to leverage the opportunities of AI, but the government’s narrative must be reframed around improving productivity if the UK is to compete seriously on the global stage.
By embracing tax breaks for new equipment and capitalising on the burgeoning AI landscape, UK businesses are well-positioned to thrive in the years to come.
- Invest in the right equipment and tools: Fully expensed leased assets are now a reality. This means businesses can claim the full cost of new equipment upfront, freeing up cash. This is an opportunity to invest in cutting-edge technologies that can propel businesses forward, particularly in the eco-friendly and AI sectors.
- AI: The government’s significant investment of £100 million in the Alan Turing Institute underscores their commitment to fostering a thriving AI ecosystem in the UK. Businesses must take advantage of the immense potential of AI to streamline operations, enhance decision-making, and gain a competitive edge.
Good news for small businesses
The VAT registration threshold has been increased to £90,000, offering a potential lifeline to over 28,000 UK businesses. This means less paperwork and red tape, and businesses won’t need to register for VAT or charge it on their sales if they remain below the new limit. This can translate into freed-up time, money, and resources that can be reinvested into growth, hiring, or simply keeping doors open.
Productivity: it’s a team sport
Carlo Gualandri emphasised the need to break free from outdated processes and embrace best practices. Equipping teams with the right tools and fostering a culture of full investment in the company’s success is also crucial.
Emma Heal echoed this sentiment, highlighting Lucky Saint’s growth mindset where everyone is informed and actively contributes to the business plan.
Social impact
Liz Earle reminded us to consider the bigger picture and to think beyond profits, to the social impact of our tech choices, such as copyright infringement and job losses as well as new opportunities.
The CEO and CFO: a powerhouse partnership
In an era of tight margins, a strong CEO-CFO relationship is vital. The CEO sets the strategic course, while the CFO illuminates the path with data-driven financial insights. Working together to navigate the company towards financial sustainability and strategic growth.
Six growth strategies for 2024
To help you inform your growth agenda in 2024, we have distilled the panel’s insights into six key actions:
- Challenge the status quo to improve productivity
- Choose who will be the ‘bridge’ to bring AI into your business
- Never stop learning and upskilling
- Embed sustainability into your corporate culture
- Ensure you have complete clarity over your finances
- Embrace the power of the collective to drive change
Download the full summary: Spring Budget Debrief: 6 Growth Strategies for 2024
