An initial overview of the key announcements from today's Autumn Statement.
Traditionally, the Autumn Statement focuses on economic forecasts and spending plans. In his first appearance at the despatch box as Chancellor, Philip Hammond chose not to deviate from this well-trodden path.
The growth of the UK economy in 2016 looks set to be slightly above the earlier predictions of the Office of Budget Responsibility (OBR) but with lower growth and higher borrowing forecasted for 2017 and beyond, the Chancellor had little opportunity to pull the proverbial rabbit from the hat.
However, there were a few announcements that may affect personal finances:
One of the more significant announcements was that his first Autumn Statement, and Spring Budget, will also be his last. There will now be an Autumn Budget, starting in 2017, to announce tax changes well in advance of the start of the tax year, and a Spring Statement from 2018, to provide an update to the House in response to the OBR publishing their forecasts on the economy.
Overall, a rather quiet Autumn Statement from a private client tax perspective with little of substance that will be of interest to the majority of our clients.
Wealth Planning Director
Michael joined in 2016 as a Wealth Planning Director. Michael has a speciality in working with partners in law firms, accountancy firms and with private clients. Previously he has worked for Towry, RBS and Barclays Wealth. Michael holds the CII Diploma in Financial Planning (DipPFS). He has worked in the financial sector for 21 years, the last 17 in wealth planning.
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