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Autumn Statement 2016: Key Points

November 2016

Today, the Chancellor of the Exchequer, Philip Hammond announced the 2016 Autumn Statement and Spending Review. We have taken the time to consider these announcements and have highlighted the key points below.

TAX

SAVINGS

BUSINESS RATES

OTHER

Philip Hunt, our Tax Consultant commented:

I thought the new Chancellor had quite a relaxed manner in the way he delivered what was rather a retraction of some parts of George Osborne’s previous budgets, but that was, of course, before Brexit. The return to surplus has – as anticipated – been sidelined and growth forecasts reduced.

During the course of his speech, I thought the Chancellor showed a quick wit, able to deal with the odd heckle in a humorous way, I also enjoyed the way in which he announced the £7.6m for repairs to Wentworth Woodhouse, near Rotherham. The Chancellor commented that Wentworth Woodhouse was almost devastated by open cast mining supported by the Labour party; an announcement the Chancellor made clearly with Pride, to be able to do so, and Prejudice that the opposition had not recognised the importance of the building when they were in power.

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