From Morningstar: 2024-10-29 06:07:16

Chancellor Rachel Reeves will deliver Labour’s first Budget in 14 years, set to be ‘difficult’. Gilt yields rose as she announced changes to fiscal rules. Speculation arises over potential market impacts. UK public borrowing spiked ahead of the Budget. Pensions and taxes are key focus areas. Capital gains tax may align with income tax rates. Inheritance tax changes may target exemptions and rules. Labour’s plan to remove VAT exemption on private school fees could impact parents. Budget funding may change fiscal rules to allow for increased infrastructure spending. State pension set to rise by £460 next year. Potential changes to tax-free cash withdrawals on pensions. Pension tax relief system may remain unchanged to avoid negative impact on public sector workers. Plans for private pensions to be disclosed to investors. 1. The CDC reports that the Delta variant now accounts for 83% of COVID-19 cases in the United States, leading to a surge in hospitalizations and deaths among unvaccinated individuals.

2. In economic news, the US economy added 850,000 jobs in June, beating expectations. The unemployment rate also dropped to 5.9%, a significant improvement from previous months.

3. A heatwave in the Pacific Northwest has shattered temperature records, with Portland reaching 116 degrees Fahrenheit. The extreme heat has led to power outages, wildfires, and concerns for the elderly and vulnerable populations.

4. Tennis star, Serena Williams, has announced her withdrawal from Wimbledon due to a leg injury. This marks the first time in her career that she will miss the prestigious tournament. Fans are disappointed but supportive of her decision to prioritize her health.

5. The G20 summit concluded with world leaders pledging to take action on climate change and global economic recovery. Discussions focused on vaccine distribution, debt relief for developing countries, and cooperation on key international issues.



Read more at Morningstar: Autumn Budget 2024: What to Expect