DOWNLOAD OUR FULL SUMMARY OF THE AUTUMN STATEMENT 2016

"Our task now is to prepare our economy to be resilient as we exit the EU." - Philip Hammond

Philip Hammond's first Autumn Statement will also be his last. In 2017 there will be a Spring Budget followed by an Autumn Budget. In early 2018 there will be the first Spring Statement.

The Chancellor presented his Autumn Statement against a background of reduced growth forecasts and the 'urgent' need to tackle the long-term weaknesses of the UK economy. His declared ambition is to make the UK 'match-fit' for Brexit.

The emphasis of the Chancellor's speech was on increased infrastructure spending, a stop on further new welfare savings measures and an acceptance that government borrowing will be significantly higher than previously projected.

Non-tax provisions included a proposed ban - as in Scotland- on letting agents charging fees to renters, a continuing freeze on fuel duty, and a 30p an hour increase in the national living wage from April 2017 to £7.50.

 

 
 
 
 
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