Autumn Budget 2017
The Chancellor, Philip Hammond, delivered his first Autumn Budget on Wednesday 22 November, after previously announcing the main Budget would return to the Autumn followed by a Spring Statement in 2018.
With unemployment at its lowest since 1975 the Chancellor announced a further rise in employment over the past year. The economy continues to grow to support jobs, albeit at a slightly slower rate than previously anticipated. That said, growth is expected to be 1.5% in 2017 with the rate gaining momentum in 2021 and 2022.
With an extra £3 billion set aside to prepare for Brexit over the next two years it was clear the government’s intention is to embrace the changes and challenges ahead and ensure a smooth transition to provide future growth and a Britain to be proud of.
Phillip Hammond was keen to share that debt is predicted to be at its peak this year and much of his emphasis was on a budget that maintained fiscal responsibility while delivering his key objectives of investing in skills and infrastructure to boost productivity.
Housing was high on his list with a number of measures to boost all aspects of the industry from construction skills to planning reforms, topped with abolishing Stamp Duty Land Tax for 80% of first time buyers.
Our experts have dissected all of the information from the Chancellor’s announcements and have created useful, jargon free summaries so you can understand how the Autumn Budget affects you and your business.