Thought leaders in business and diversity provide their thoughts on today’s upcoming budget

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  Posted by: electime      30th October 2024

Asad Dhunn, founder & CEO of The Unmistakables, an award-winning diversity consultancy firm, says:

“The increases in national insurance is putting UK businesses off hiring and may trigger more international hiring.”

“Much of Labour’s agenda goes towards big business, but UK is made up of a lot of small businesses.”

“The growth agenda needs to be balanced with inclusion – Labour giving out mixed messages about productivity and hybrid working.”

Yalin Solmaz, ex Youtube, GenAI expert, has advised Joe Wicks, Alexa Chung and Anthony Joshua, says:

“From a purely financial standpoint, the expected increase in tax on dividends will be a blow to the creative industry where ~32 per cent are freelancers (compared to 16 per cent of the overall UK workforce), who tend to pay themselves via dividends.”

“Higher employer national insurance might also result in faster GenAI adoption by business (instead of hiring people) but I worry about this because most businesses are nowhere near ready to make the most of AI or know where to get proper AI training.”

Barry Whyte, UK’s leading AI training company, says:

“Entrepreneurs are the hardest working people in society. Business owners include plumbers, cleaners, builders and pretty much everyone else in the gig economy. To even remotely suggest they are not working people is unforgivably ignorant.”

“AI is presenting all economies with a one-time, immediate opportunity to boost productivity and improve working people’s lives. It is being embraced with gusto and speed across the Middle East more than any other region. Among the countless leak’s for this week’s budget, not a single mention of investment in AI-fuelled growth has been made. Here’s my idea: tax credits for businesses to spend on AI services.”

“Heaping more and more cost on to employers disproportionally impacts mid to high-salary jobs. It will drive the growth industries that the UK needs – such as AI – to other countries which are scrambling over each other to offer incentives for relocation.”

“Waging war with well-intentioned initiatives such as research and development credits for tech companies will add fuel to the fire that is already raging, sending more and more tech scale-ups overseas.”

Simone Carasco, Founder and CEO of EvolvedMe Training & Consulting, says:

“Pension Taxation Changes: Will not ensure equitable financial futures for all employees. The proposed pension tax reforms may affect retirement planning, particularly for diverse employee groups.”

Potential points for discussion:

  • Age: Employees at different life stages may have varying levels of pension savings and differing concerns about retirement.
  • Gender: Women and men might experience different career trajectories, with factors like maternity leave affecting pension contributions.
  • Income Levels: Lower-income employees might find it more challenging to contribute to pensions and could be disproportionately affected by changes in tax relief.
  • Employment Type: Part-time, temporary, or contract workers often have less access to robust pension schemes compared to full-time employees.
  • Health Conditions or Impairments: Employees with health conditions or impairments might have unique financial planning needs due to healthcare expenses or employment gaps.