All eyes will be on the Chancellor of the Exchequer Philip Hammond this afternoon, 22 November, as delivers the Autumn Budget which is expected to take place straight after Prime Minister’s Question Time, at approximately 12.30pm
Amidst Brexit uncertainty, few British budget speeches have mattered as much as the one that the Chancellor will deliver later today, when he will set out the government’s vision for Britain’s economy and spending based on the latest forecasts from the Office for Budget Responsibility.
As well as reviewing Britain’s economic performance, raising taxes and directing money towards vital public services, when describing what will be presented in the Autumn Budget, Mr Hammond said: “It’s … when we set out our thinking on how to keep the economy strong and resilient and fair. An economy that works for everyone.”
The Chancellor will need to address Britain’s slump in productivity and the measures to be taken to raise productivity, which is crucial in boosting economic growth and increasing wages.
Housing will also be on the agenda, with the Chancellor telling Sky News on Sunday that he wants to “tackle the housing challenges we face in this country”, and ensure that “every inch of available land is properly used and developed”.
Stamp duty is also expected to be a topic for the Budget, with rumours abounding that the Chancellor may scrap stamp duty for first time buyers.
Alcohol duty is another point for the agenda. The high level of tax on beer has been criticised by industry groups for bringing about a decline in the rate of alcohol consumption in the UK, thereby impacting pub, bar and restaurant turnover. Britain’s pubs carry one of the heaviest tax burdens in the UK economy, with the main burdens being VAT, excise duty and business rates.
Innovation in the UK is a key topic, with Philip Hammond hotly anticipated to set out his vision to place technology at the heart of a new “industrial revolution”; and there are high hopes for enhanced government spending on research and development (R&D). Then there is the question of funding after Brexit?
As always, our business and tax experts at Beavis Morgan will be on hand to provide commentary and a summary of the key tax changes and what they mean for you and your business. And if you have any concerns or queries relating to the announcements made within the Autumn Budget, our experts are available to guide you through the tax maze and help you with bespoke solutions to ensure that you and your business are as tax efficient as possible.