With potentially the last Budget before Brexit in March next year, it’s time to review what we should take away from the Chancellor’s Autumn Budget this October. This was Mr Hammond’s third Budget to Parliament and was aimed at hard-working families, as well as building a stronger economy for the future.
Although austerity is coming to an end, Mr Hammond still reiterated that the fiscal purse strings would be tight and discipline would remain.
He also laid out his plans for tax cuts and an increase in departmental spending, but also focused on one-off bonuses for defence, schools, and local authorities.
From a tax perspective, there is a short-term tax giveaway for the next couple of years to encourage consumer and business spending whilst the process of a Brexit deal is worked through.
Mr Hammond also addressed announcements surrounding annual investments for businesses, as well as leaving us with a warning that if the financial forecast was adversely impacted by the Brexit negotiations, then next year’s Spring Statement could be upgraded to a full Budget.
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