Philip Hammond’s final budget before the UK leaves the European Union delivered the largest “fiscal loosening” (extra public spending without matching tax rises) since 2010.
There were giveaways amongst the tax changes as well, with the personal allowance and upper threshold rising to £12,500 and £50,000 respectively a year ahead of schedule. Fears for attacks on pensions and other valuable reliefs were laid to rest, at least for the time being. The Chancellor re-affirmed that the Spring Statement may turn into a Spring Budget if ‘the economic or fiscal outlook changes materially’.
If, after reading this summary you have any questions, please do not hesitate to contact WMT’s Anne-Maree Dunn, or one of our tax specialists (see pages 21-22).