When we look back, we consider the turbulence created by the infamous ‘mini-budget’ and the subsequent reversals. We then had further changes announced in the autumn statement, delivered by chancellor, Jeremy Hunt, in November 2022.
66% of respondents reported they:
● held off implementing policies ● hadn’t started making the changes, prior to their withdrawal, or ● experienced no impact to payroll processes following on from the ‘mini-budget’ announcements.
The remaining respondents unfortunately did experience an impact, due to implementation of the new policies, prior to their withdrawals.
DID THE ‘MINI-BUDGET’ IMPACT PROCESSES IN THE PAYROLL DEPARTMENT?
26%
Yes - new policies were implemented following announcement and were subsequently withdrawn, meaning additional work
7%
Yes, new financial planning support provided based on changes, which were withdrawn so planning had to be adjusted, meaning additional work
9%
Yes, we held off implementing new policies due to uncertainty
27%
No, the changes were withdrawn so quickly, we hadn’t started making changes
31%
No
27
Percentages have been rounded to the nearest whole number for clarity and in some instances may not total 100%
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