Autumn Statement Reaction 2016

November 24th, 2016

Philip Hammond delivered his first and last Autumn Statement yesterday as Chancellor of the Exchequer. All subsequent budgets following Spring 2017 will now be delivered in the autumn, starting next year. Thereafter, the OBR will produce a spring forecast to which the Government will respond making changes to fiscal policy required.

Although he’d taken advice from a number of economic and fiscal commentators, the Chancellor confirmed that the economy has largely confounded these authorities since the decision was made to leave the EU five months ago. The UK is forecast to be the fastest growing major economy in 2016, but the OBR has forecast growth will slow and inflation is set to rise over the next two years.

The Chancellor was keen to address the productivity gap in the UK. The UK lags behind the US, Germany, France and Italy. Various investment funds for innovation and infrastructure were announced with housing, transport and internet the focus of a new national productivity fund.

There were few tax announcements, but some of those mentioned included:

All in all a relatively quiet Autumn Statement, albeit one full of proposals yet to be implemented. If you would like any further details, click here to download a full copy of our Autumn Statement and Spending Review summary.

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