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Autumn Statement 2016 – An Overview

24 Nov 2016

The Chancellor has delivered his first Autumn Statement, which was said to be his “first and last”. He promised to help struggling families and address the deficit, but, how did expectations match up to the reality for those living and working in Britain today? Here at DMH Stallard, we were watching closely as Philip Hammond delivered his Autumn Statement – here is an overview of the key points:

Economic growth

  • Office for Budget Responsibility growth forecast is as follows:
    • 2.1% in 2016
    • 1.4% in 2017
    • 1.7% in 2018
    • 2.1% in 2019
    • 2.1% in 2020
    • 2% in 2021
  • Borrowing is set to be £68.2bn this year and it will fall to £59bn in 2017-18, £46.5bn in 2018-19, £21.9bn in 2019-20 and £20.7bn in 2020-21.

Productivity

  • £23bn national productivity investment fund
  • £2bn per year by 2020 for research and development funding

Transport

  • £1.1bn extra investment in English local transport networks
  • £220m to reduce traffic pinch points in strategic roads
  • £110m for East West Rail and commitment to deliver Oxford to Cambridge Expressway
  • More than £1bn for digital infrastructure
  • 100% business rates relief on new fibre infrastructure
  • £1.8bn from Local Growth Fund to English regions
  • Rural Rate Relief to be increased to 100%, "giving small businesses a tax break worth up to £2,900"

Welfare

  • Universal Credit taper rate to be cut from 65% to 63% from April 2017
  • National Living Wage will rise from £7.20 an hour to £7.50 from April 2017

Business

  • £400m into venture capital funds through the British Business Bank to unlock £1bn in finance for growing firms

Housing

  • A £2.3bn housing infrastructure fund to help provide 100,000 new homes in high-demand areas
  • £1.4bn to deliver 40,000 extra affordable homes
  • Ban on upfront fees charged by letting agents in England

Many of these announcements are likely to have an effect on our clients, but we will endeavour to work with you to tackle any challenges head on. If you would like to speak to us about anything announced today, contact us to see how we can help.

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