Autumn Statement 2016 – Summary
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.
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