Another year has ended, a fresh one has begun and with it will come a raft of new regulations, a possible new government and, many would hope, economic improvement.

The past year will be remembered for the introduction of consumer duty, a shaky economy and jitters in the housing market.

The next 12 months will see an additional host of new rules, the potential for falling interest rates, and the expectation of a subdued but stabilising economy.

Here is a round-up of what lies ahead in 2024 for financial advisers:

Modest growth

Many economists agree the UK’s economic outlook for 2024 is less positive than they would wish.

Gross domestic product fell 0.3 per cent between September and October, unexpectedly, after a 0.2 per cent expansion in the previous month. Economists had expected no change in the quarter.

KPMG expects GDP to continue to grow at a modest pace of 0.5 per cent this year, and to reach its steady-state rate of about 1 per cent in 2025.

The International Monetary Fund takes a similar view on UK GDP growth and predicts it to be 0.6 per cent in 2024, down from a previously forecast 1 per cent.

The OECD expects growth to remain modest in 2024 and 2025, and forecasts UK GDP to grow by 0.7 per cent this year – down from 0.8 per cent.

But the Institute for Fiscal Studies is less optimistic, saying in a report in October that it believes the UK economy “remains stuck between weak growth on the one hand and the risk of persistently high inflation on the other”.

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