Yesterday the media was dominated by Philip Hammond’s red box announcements, as he shared the Government’s last
#AutumnBudget before Brexit.
Goringe’s MD, Nicky Goringe Larkin, can be heard here (1.10 mins in) on BBC Radio Berkshire discussing how the Chancellor’s Autumn Budget was a surprisingly positive one pointing to the end of austerity and forecasting that the economy will remain in growth.
“But the big question in the room is Brexit” as Nicky pointed out yesterday to the press. “All the points made in the Budget were based on an assumption that Britain will get a Brexit Deal, and if it’s a No Deal, we can expect another full-blown budget in the Spring next year and the possibility of Britain facing recession.
“Until we know more on the status of an EU deal, companies and individuals can take much reassurance from an increase in spend and forecasted growth in this year’s Autumn Budget
“A freeze on the VAT threshold will be a big relief to many businesses, and SMEs in particular will benefit greatly from the continued annual employment allowance of £3,000 per employee from April 2020 and an annual investment allowance of £200,000 to £1 million.
“The surprise announcement to extend the cancellation of stamp duty to first time buyers on properties up to £300,000 and to first-time buyers of shared ownership properties valued at up to £500,000. In addition, the restrictions on lettings relief and PPR – all of which may encourage more movement and much needed buoyancy to a currently sluggish property market.
“The increase in the National Living Wage, the rise in the personal income tax and higher rate threshold will also all see more money in people’s pockets which are all welcome steps towards an end to austerity.”
We’ll just have to wait and see whether it’s a Deal or No Deal as to whether the Chancellor will have to tear up his Budget and start again!