Teesside businesses have set out their wishlist for the Chancellor’s Autumn Statement on November 22.

Stockton-based Active Chartered Financial Planners asked their clients to outline their concerns and priorities, with economic growth (29 per cent); tackling inflation (21 per cent); and healthcare (17 per cent) top of the list.

The businesses supported the redirection of funds to support infrastructure development in the North East. This strategic move, said managing director, Karl Pemberton, not only holds the potential to generate jobs and stimulate local economies but also addresses regional disparities, aligning with the government’s commitment to ‘levelling up.’

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He said: “The forthcoming Autumn Statement is an opportunity to address the pressing concerns of our clients, who represent a range of political viewpoints, which are undoubtedly indicative of wider sentiment. The Chancellor has the opportunity to deliver an equitable and prosperous future against a challenging fiscal backdrop.”

Talking to his clients, 42 per cent feel less confident about their financial future now compared to the same time last year; only 7.5 per cent feel more confident; 61 per cent consider financial security in retirement to be their greatest financial concern; 12 per cent consider financial protection for their family to be their greatest financial concern.

Pemberton has written to the Chancellor, outlining the issues affecting his company’s clients, calling for them to be addressed in the upcoming Autumn Statement.

He told the Chancellor that many individuals are increasingly worried about the prospect of maintaining their desired standard of living in retirement.

With the cost of living continuing to rise, the firm urges the Chancellor to explore measures that enhance pensioners’ financial stability in their retirement years. This includes options to encourage pension savings and provide incentives to safeguard retirement income. Additionally, the firm highlights the impact of a poor investment market and economic growth in recent years on pension portfolios, which has affected many savers and investors.

In his letter, Pemberton also passed on the desire of clients for an increase in personal tax allowances. A higher personal allowance would not only put more money back into the pockets of all consumers but also stimulate economic growth by encouraging consumer spending.

The firm proposed an incremental increase in personal tax allowances to ease the financial burden on individuals and encourage investments in families, businesses, and the broader economy.