Philip Hammond’s first (and last) Autumn Statement is likely to be remembered mostly for the act of moving the Budget from its traditional spring slot to Autumn from 2017. Most of his comments were reaffirmations of matters previously announced in the last budget and existing consultations.
Overall the message was one of stepping back from some of the more austere measures of the Osborne era with the focus being on helping those “Just about Managing”.
Unfortunately, help for the JAMs means bread and dripping for those doing a little bit better. They will find themselves paying more through another increase in insurance premium tax, a higher threshold for the 12% national insurance rate and increased costs for employment benefits.
The additional £2.3 billion infrastructure fund and £1.4 billion earmarked for affordable homes will be welcomed by the housebuilding sector.
Anti-avoidance measures which have become a staple part of the Autumn Statement include steps to curb the use of personal companies by employees in the public sector, abuse of the VAT flat rate scheme by small business and a further restriction to the ability to recycle pension contributions.
For more information on these and all of the announcements made in the Autumn Statement please see our summary PDF.
If you have any queries regarding any matters raised in the Autumn Statement then please don’t hesitate to speak to your usual contact or email us.