Budget Breakfast Exchange: Insights and opportunities amid change

The latest Breakfast Exchange, held at The Ivy Bath Brasserie on Thursday 27th November, brought together over 80 attendees from across Bath and the wider region for a lively discussion on the Autumn Budget and its implications for businesses and individuals.

Co-hosted by The Business Exchange, Thrings Solicitors, and Richardson Swift, the event featured a panel of experts offering their perspectives on what Chancellor Rachel Reeves’ Budget means for planning, growth, and resilience. Speakers included Gemma Watson, Managing Director, Belgrave Asset Management, Calvin Healy, Director and Head of Tax Richardson Swift, Joe Siman, Solicitor, Thrings, and David Goodall, Fund Manager, FW Capital.

Key Budget Announcements

Rachel Reeves’ Budget introduced a raft of measures, including:

• Freeze on tax thresholds extended by three years
• Mansion tax of £2,500 on properties over £2m and £7,500 on those over £5m
• Cash ISA limit slashed by £8,000 – except for over-65s
• Salary-sacrifice pension contributions above £2,000 to be taxed
• Basic and new state pension rates increased by 4.8%
• Minimum wage increased by 4.1% from April, with 6%-8.5% increases for younger workers
• Mileage tax for electric vehicles from April 2028
• £200m to boost EV charging rollout
• “Luxury car tax” threshold raised to £50,000
• £1.3bn extra funding for electric car grant
• Funding to make training under-25 apprentices free for smaller businesses
• Tax rates on property savings and dividend income increased by two percentage points
• Inheritance tax change to allow transfer of 100% relief allowance between spouses

Panel Highlights

The discussion reflected a mix of relief, caution, and optimism:

Joe Siman, Solicitor, Thrings, said, “In many ways, for the time being, it’s business as usual for the majority of our clients, with only some seeing direct, overt impacts from the Budget. It was a pleasure to be invited to join the panel and engage in such an insightful discussion with local businesses in Bath. The exchange of views on the Budget, its implications, and the next steps was both thought-provoking and valuable. What truly stands out, however, is the strength and resilience of the businesses in our community. Their ability to innovate and adapt is what sets them apart, allowing them to successfully navigate challenges and continue moving forward.”

Gemma Watson, Belgrave Asset Management, added, “After many weeks of speculation and back and forth, to a certain extent there was a sigh of relief on Wednesday when the much-anticipated Budget was announced. Despite continuing headwinds, there are still opportunities for good, sound financial planning for business owners and individuals alike. With a number of changes not being introduced until 2026 and beyond, now is the time to ensure all opportunities and allowances are explored and used before increased taxes and reduced allowances are introduced in future tax years and budgets. Between now and April 2026 I urge all business owners and individuals to reappraise their financial position and act where appropriate.

“Despite the challenges that face many of us, it is clear that after hearing from business owners at a very festive Business Exchange Budget breakfast, whilst obstacles remain, we live in a great area with plenty of innovation and entrepreneurial spirit and we will continue to strive for success.”

David Goodall, FW Capital, commented, “After so much speculation, at least we know where we all stand now. It means decisions can be taken based on the facts. The entrepreneurship shown across this region is immense and there is a hugely supportive professional network to help. Of course, this Budget will create further challenges for some, but I hope the initiatives set out for investment in business growth will continue to make a positive impact.”

Calvin Healy, Richardson Swift, offered a more critical view, “The promised ‘one and done’ tax event has become ‘Part 2,’ and I predict a trilogy next year. These high taxes will ultimately make both businesses and workers suffer, stifling any real chance of growth. The Budget lacks the necessary boldness, instead introducing yet another wave of changes that simply deepen the incoherence and complexity of our tax system.”

Despite the challenges ahead, the event had a positive and collaborative atmosphere, with attendees sharing ideas and strategies. The discussion reinforced the importance of planning and adaptability in uncertain times.