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2024 predictions from the public sector

18/01/2024

Insights

Predicting positivity in 2024

As we enter the new year, 2024 is expecting to show optimism with a fall in inflation, increased construction and interest rates stabilising. Quite timely with an election in the air, with bookies indicating Autumn as the most likely time. Transaction volume activity is likely to improve in 2024, however an extended period of higher interest rates will persist until the latter half of 2024.

The government has a major role to play in turbo charging the economy through initiatives. We've identified some of the interventions we would like to see:

  • Consumer confidence needs to be boosted through tax cuts. We could see a further cut in national insurance and stamp duty to improve consumer spending in our high streets and support local towns.
  • Housing will be a hot topic and the rumoured support for first time buyers is welcomed. Perhaps we will see another round of Help to Buy and government backed mortgage deals. However, rents continue to rise at an alarming rate, though new legislation aimed at improving things for tenants could become law this year through the Renters (Reform) Bill.
  • Increased investment in net zero carbon funding is key to a number of industries' stability and longevity. This funding is needed to assist public sector organisations to achieve net zero ambitions across their footprint.

Net zero refers to attaining equilibrium between carbon emissions released into the atmosphere and those removed from it. This state is achieved when the added carbon equals the amount removed, maintaining a balance.

Leeds City Council decarbonisation leader joins Eddisons as head of sustainability – Eddisons

  • Post-Brexit activities continue to be an audacious attempt to attract inward investors. This could bring Special Economic Zones, geographic areas in which a government authority offers incentives in the form of customs duties or tax incentives for businesses and traders operating in the defined area. Many countries such as Shannon in Ireland and Shenzhen in China are credited with helping fuel the country’s dramatic economic boom over the last quarter of a century.
  • Artificial intelligence will provide new mechanisms which will affect current job roles in every corner of industry. Embracing change as opposed to over-regulation will allow us to be at the frontier of transitioning our economy. Looking forward, we could get used to seeing driverless vehicles in our cities. In a more immediate future, we are optimistic about seeing the updated A1(M) accelerating business processes.
Javid Patel is Head of Public Sector and based in the Leeds office.

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