Philip Hammond has indicated that he could raise taxes in his Budget next month.
When asked whether he will raise taxes to implement strategies such as increasing state employees’ wages and cutting tuition fee interest rates, Mr Hammond told BBC Radio 4’s Today Programme: “We believe in keeping taxes low and fair,” but added: “I have the courage to do what’s necessary to support the British economy.”
Meanwhile, business leaders have accused Mr Hammond of doing too little to revive the UK’s faltering economy. The Confederation of British Industry said his speech earlier this week at the Tory party conference left businesses with “slim pickings” and did not face up to the magnitude of the “generation-defining” challenge of leaving the European Union; while the British Chambers of Commerce urged him to be “much bolder” in promoting Britain as a place to do business after Brexit.
Stephen Martin, director-general of the Institute of Directors, added that the speech lacked “red meat” proposals to help the economy through the disruption of Brexit.
Mr Hammond delivers his Budget on 22 November. 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.
If you have any concerns or queries relating to the announcements made within the Budget, our tax 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.