All eyes were on Philip Hammond as he delivered his first Autumn Statement to Parliament yesterday.
It had already been clearly indicated that he would be moving away from the strict monetary policy of his predecessor, George Osborne. While reducing the deficit will still remain a definite goal, Mr Hammond has abandoned any attempt to balance the budget by 2020.
His first budget statement as Chancellor of the Exchequer was his opportunity to set out his own priorities and outline how the government will use tax and spending plans to shore up the UK economy after the vote to leave the EU. The statement was also accompanied by the latest forecasts for the economy and public finances from the independent fiscal watchdog, the Office for Budget Responsibility (OBR).
We have prepared this summary of the Autumn Statement for you, looking at the broad areas of the economy and the numbers, personal taxation, business and business taxation, and pensions and savings.
One of Mr Hammond‘s main aims was to provide a robust economy that works for everyone. Have a read of this summary and see if you think his policies will deliver.
If you have any questions or queries about the implications for your own finances, do get in touch with us.