28th November 2016

The new Chancellor Philip Hammond presented his first, and last, Autumn Statement along with the Spending Review on Wednesday 23 November, mixing continuity with his predecessor’s course with changes as he set out the government’s financial strategy post Brexit.

The deterioration in the Office for Budgetary Responsibility’s forecasts left him with limited room to manoeuvre. The OBR forecasts an increase in borrowing over the 5-year forecast period of £122bn, of which nearly half is attributed by the OBR to Brexit (with the caveat that many uncertainties surround the forecast). He therefore abandoned George Osbourne’s fiscal rules (which would not be met) and announced a new fiscal framework, giving him more flexibility. This is allowing him to borrow to invest to try to boost productivity, while other new policies in the Autumn Statement 2016 are funded from savings or taxation.

Partly as a result, there were a limited number of new tax measures in the Autumn Statement 2016, but many confirmations of previous announcements or updates on ongoing consultations.

A summary of this year’s Autumn Statement is now available here.
We hope the summary provides a valuable guide to the significant announcements.

Anne Hallowell

UNW has announced that Anne Hallowell is to become its new charity and not-for-profit partner. The Newcastle-based chartered accountancy and

finance bill

On Friday 6th July, the UK Government published its draft legislation for the UK Finance Bill 2018-19. The Bill renews

RTI

HMRC has announced that it has extended the payroll Real Time Information (RTI) late filing easement until April 2019. RTI

construction

HMRC proposes to introduce new VAT rules next year for construction services as part of measures to combat VAT fraud.

Local charity MS Research and Relief Fund (MSRRF) is looking to the future after being announced as chartered accountancy and