The Chancellor, Philip Hammond, delivered his first Autumn Statement since succeeding George Osborne. In a world of uncertainty there is hope that Britain is on course to be the fastest growing major advanced economy in the world this year.
The decision to leave the European Union will change the course of Britain’s history and the economy will need to be resilient during and post Brexit with growth expected to be lower than if the remain vote had prevailed. A surplus in 2019/2020 is no longer being sought, instead the economy will return to budget balance in the next parliament.
Funding will be made available to boost Britain’s productivity including £1bn for digital infrastructure including 5G mobile and £1.8bn for local infrastructure in England.
The main messages here are that Britain is open for business, people who work hard will be rewarded by keeping more of what they earn and families will be helped to make ends meet.
This was also Philip Hammond’s final Autumn Statement as from 2017 there will be an Autumn Budget followed by a Spring Statement in 2018.
To see how the Statement affects you, click here.