The Chancellor’s 2024 Budget represents a transformative step in addressing the UK’s economic challenges, with policies that stabilize public finances, support business growth, and secure living standards for working individuals. For the finance recruitment sector, these measures create robust opportunities for talent acquisition across public and private sectors. The Budget introduces significant demand for roles in tax advisory, corporate finance, compliance, and public sector investment, all of which will shape the finance recruitment landscape.

Key Changes Impacting Finance Recruitment

1. Increased Demand for Tax Experts and Strategic Advisors

Corporate Tax Adjustments and Business Asset Disposal Relief (BADR): The Budget caps the corporate tax rate at 25%, making the UK one of the most competitive G7 markets, while increasing BADR from 10% to 18% over the next few years. For the finance recruitment sector, this change signifies a rise in demand for tax consultants and strategic advisors who can assist businesses in navigating these adjustments and optimizing their tax strategies.

Capital Gains Tax (CGT) Increase: CGT rates are set to rise to 18% for lower-rate and 24% for higher-rate taxpayers. As businesses and high-net-worth individuals look for ways to minimize tax liabilities, demand for CGT experts in advisory roles is expected to grow. Recruiters may find that specialized roles in CGT planning and corporate advisory will become essential for companies aiming to retain profitability under the new rates.

2. Impact of Increased Employer National Insurance Contributions on HR and Payroll Recruitment

From April 2025, employer National Insurance will increase by 1.2 percentage points, a rise that will affect overall payroll costs. The Employment Allowance has increased to £10,500, offering relief to small businesses, but companies will still need skilled payroll professionals to manage these added expenses effectively.

The increase in National Insurance, coupled with frozen income tax rates, may drive businesses to adapt benefits and compensation packages, potentially increasing recruitment in HR roles focused on compensation and benefits. Finance recruitment agencies can expect to see heightened demand for HR specialists who can balance talent attraction with effective cost management in response to these changes.

3. Opportunities in Compliance and Public Sector Finance Roles

Boost to Compliance and Tax Enforcement Roles: The Budget allocates £6.5 billion annually to close the tax gap, including new roles in HMRC for debt management and compliance. This investment highlights a government commitment to stronger regulatory enforcement, driving demand for finance recruitment focused on compliance, regulatory reporting, and tax advisory roles.

Public Sector Finance and Economic Development: With £22.6 billion allocated for healthcare and £4 billion for education, finance recruitment agencies will likely see increased interest in public sector finance roles. Candidates skilled in public finance, budgeting, and project management will be in high demand as these funds are allocated and managed, creating opportunities for recruiters to fill roles supporting healthcare, education, and other essential services.

Opportunities in Infrastructure and Digital Transformation 

The government’s focus on digital infrastructure, with £500 million directed toward Project Gigabit and rural connectivity, supports finance recruitment across technology-driven finance roles. For finance recruiters, this means increased demand for candidates proficient in digital finance transformation, particularly in underserved regions benefiting from these upgrades. Additionally, the £1.3 billion allocated to regional transport projects supports regional business growth, driving demand for professionals skilled in infrastructure finance and project planning.

The Chancellor’s 2024 Budget addresses long standing economic issues while creating significant opportunities within the finance recruitment sector. Increased demand for roles in tax, compliance, public finance, and infrastructure finance will create a dynamic landscape for finance recruitment professionals. By sourcing candidates skilled in strategic advisory, public sector budgeting, and digital finance, the recruitment industry can play a pivotal role in supporting the UK’s path toward economic recovery and growth.