Philip Hammond’s first Autumn Statement was never going to seem like Christmas had come early. But despite the lack of grand spending plans there were some interesting details nonetheless. Take a look at some of the best bits summed up below.
The Good
- Major investment to build up to 140,000 new homes may at last bring some relief for first-time buyers.
- Letting agent fees have been banned – meaning no more up-front costs for renters.
- The level at which income tax is paid will rise to £11,500.
- An injection of £400m into venture capital funds through the British Business Bank is to unlock £1billion in finance for growing firms.
- Great news for advisers – the government is to consult on banning pension cold-calling, in a crackdown on scams.
The Bad
- The government faces a £25billion hole in its finances and has given up its goal of a budget surplus – so we may wait a long time for another boom.
- Tax savings on employer benefits-in-kind are being scrapped, except for pensions, childcare and eco-friendly travel schemes.
- Insurance premiums may be slightly more expensive due to a 2% tax rise.
The So-So
- Employer and employee National Insurance thresholds are to be equalised at £157 from April.
- The triple-lock on the State Pension is set to be protected – great for pensioners, but the young may feel hard done by.
One message in particular stands out here – the government is battening down the hatches for Brexit and everyone else needs to do the same. For expert mortgage advice please contact us by email or by calling +44 (0) 20 3858 0313.
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