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