Financial & Legal News

Is the Autumn Statement Christmas Come Early or Not?

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Philip Hammond’s first Autumn Statement was never going to seem like Christmas come early. But despite the lack of grand spending plans there were some interesting details nonetheless.

We’ve summed up the best bits for you

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 £1bn in finance for growing firms.
  • And 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 £25bn 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: the government is battening down the hatches for Brexit.  The demand for independent advice is likely to spike, so it’s a great time to update and optimise your profile by calling me today.


Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

Written by Richard Eastwood


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