The Bank of England recently suggested that UK growth likely stalled in the final quarter of 2024

According to Lloyds Bank, 70% of businesses expect turnover to rise over the next year, up from 62% in December 2023. Additionally, 73% anticipate greater profitability. Seven in ten leaders in the financial services sector believe Government initiatives will boost growth and competitiveness in 2025. The survey, which consulted over 160 senior executives, revealed that 68% are confident the chancellor’s plans to “regulate for growth” and introduce a competitiveness strategy in spring will attract foreign investment.However, these positive findings contrast with other recent reports. The Confederation of British Industry’s (CBI) growth indicator survey warns of a sharp decline in business activity as companies brace for reduced hiring and output in early 2025. Retailers are also facing challenges, with the British Retail Consortium reporting a six-point drop in consumer spending forecasts for the new year.

The Bank of England recently suggested that UK growth likely stalled in the final quarter of 2024, as inflation rose to 2.6%, the highest level in eight months. While signs of optimism are evident in some sectors, conflicting data highlights the uncertain outlook for the broader economy.

CHARITABLE DONATIONS THROUGH WILLS HIT £2.1BN IN 2024

In 2024, over 400 estates donated at least £1 million to charities, contributing to a record-breaking total. Gifts exceeding £1m rose by 33% from the previous year, increasing from £850m in 2023 to £1.1bn. These high-value donations accounted for 54% of the £2.1bn gifted to charities through wills in 2024. A total of 440 estates made significant charitable contributions, reducing their exposure to inheritance tax (IHT). Many individuals choose to leave large portions of their estates to charity for personal and philanthropic reasons, often supporting organisations they value. However, there are financial incentives as well.

- OVER 90K SELF ASSESSMENT TAX RETURNS FILED OVER CHRISTMAS
- HMRC HELPLINE WORKERS SET STRIKE DATES

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