A new Chancellor, a new Prime Minister, but would we get a new approach?
The tone of Philip Hammond’s first Autumn Statement was certainly less triumphal, less celebratory, and it felt lighter on the statistics front than we had come to expect from George Osborne.
In a speech light on detailed tax changes, the big announcement was that this was to be the last Autumn Statement. In future the budget would be in November, with a Spring Statement commenting on the latest edition of the OBR forecasts. The Chancellor did helpfully indicate that he does not intend to use the Spring Statement to make tax changes “just for the sake of it”.
For those of us with long memories, this is a return to the Conservative government of the mid-nineties when Kenneth Clarke delivered his budgets in November.
For the third year running, Tolley are providing free, in-depth, practical guidance on the Autumn Statement, with analysis and commentary on all the changes announced and how these will affect both businesses and individuals.