Chancellor’s Autumn Statement 24 Nov 2016

Today the Chancellor announced his Autumn Statement. He tried to be upbeat about the economy but said government borrowing would have to increase as we face a post BREXIT economy.

Hammonds key points were:

• More investment on innovation and infrastructure

• Corporation tax to fall to 17% by 2020 (not the 15% Osborne promised)

• The income tax threshold will be £11,500 from April 2017, a raise of £500

• The higher rate tax threshold will rise to £50,000 by the end of Parliament

• Employee and Employer National Insurance thresholds are to be set at £157 per week; and

• Insurance premium tax from 10% to 12% next June

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