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Autumn Statement update

 

Posted on 24 November 2016

As you may know, Chancellor Philip Hammond yesterday presented his first and last Autumn Statement. No, he isn't stepping down - he has simply swapped our two annual updates around by abolishing the Autumn Statement to introduce an annual Autumn Budget, and changed the Spring Budget to a Spring fiscal Statement!

Whilst amusing and unleashed as his last key point, the swapping of the two annual updates wasn't the only thing announced.

In a nutshell...

Hammond's first major Commons event as Chancellor saw him discuss the impact of Brexit alongside the Government's plans to build an economy which "works for everyone" and will be resilient during our exit from the EU.

Eye-watering statistics including that the UK economy is forecast to be £122bn worse off by 2020 and that debt would soar to over 90% of GDP were revealed and the growth predication, whilst still higher than France and Germany, downgraded from 2.2% to 1.4%.  The Chancellor also confirmed that the Government is no longer seeking a return to budget surplus in 2019/20.

As predicted, he also unveiled a fuel duty freeze and more cash for transport, digital infrastructure and housing.

What does it mean for you?

Take a look at our key points covering the tax and employer issues covered in the Autumn Statement below.

The devil is in the detail

Typically it's after the live statement that we receive more details of any proposed changes (and usually, the things that haven't been mentioned too) so we will be keeping you updated as and when these arise. In the meantime if you missed the statement or want a round up of the key points mentioned so far, take a look at our summary above or RSVP to attend one of our upcoming Autumn Statement events.   

 

View our key points here

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