Autumn Statement 2016

Chancellor Philip Hammond is due to deliver his Autumn Statement on 23 November 2016.

Speaking at the Conservative party conference in October, Hammond said the government will prioritise spending on housing and business investment to boost the economy.

Here is a round-up of some of the potential measures that could be announced.

Economic policy

The government has dropped its budget plans on getting public finances to a surplus by 2020.

In his speech, the chancellor has said fiscal policy “may have a role to play” as he looks to “reset” economic policy in his statement.

Tax system

James Sproule, chief economist at the Institute of Directors, said that the biggest area missing from the chancellor’s conference speech was tax:

“We hope the chancellor will take bold steps to simplify the tax system for small and medium sized companies, and give all business some clear guidance on what is, and what is not, tax avoidance.”

Living wage

The chancellor could announce a new national living wage (NLW) rate for April 2017.

Conor D’Arcy, policy analyst at the Resolution Foundation, said:

“As we approach the Autumn Statement we’ll soon learn what the NLW will be next year. An increase to around £7.50 will deliver a welcome annual pay rise of up to £600 for full-time staff.”

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