Autumn Statement 2016

James Brokenshire has welcomed the Chancellor’s Autumn Statement as a stable platform, providing confidence and certainty and tackling the long-term challenges facing the UK economy. Changes announced during the Statement included measures designed to bolster infrastructure spending, creating jobs, tackling corporate tax evasion and helping more people onto the housing ladder.

According to figures from the Office for Budget Responsibility, the UK economy will grow by 2.1% in 2016, predicted to be the fastest rate of any major advanced economy in the world.

The Chancellor announced a new National Productivity Investment Fund, ploughing £23billion into supporting the Government’s new industrial strategy, with every penny being spent on high value-generating infrastructure and research, including an extra £2 billion a year by 2020-21 for additional investment in R&D.

The Statement also addressed the fact that, for too many, the goal of home ownership remains out of reach. A new £2bn Housing Infrastructure Fund will support the construction of 100,000 new homes, with a further £1.4bn aimed at building 40,000 more affordable homes. The Government will also support tenants in the private rental market, banning letting agents fees to tenants as soon as possible, preventing those renting from being hit by unaffordable, extra charges.

The Chancellor also committed to continuing to raise the tax-free personal allowance to £12,500 by the end of the Parliament, taking 4million of the lowest paid out of paying income tax altogether and to upping the higher rate threshold to £50,000 by 2020.

Commenting following the Chancellor’s statement, James said:

“This is an Autumn Statement which has stability and the desire to help those who are just about managing at its heart. There is welcome news on housing, tax and on measures designed to improve our road network to keep Britain moving.”

“In particular, there is welcome news for business, with the rate of corporation tax due to be cut to 17%, making the UK the best place in the world to start and run a business and, importantly delivering even more jobs on the 2.7million created since 2010.”

 

Full details of the measures set out in the Chancellor’s Autumn Statement can be found here: https://www.gov.uk/government/publications/autumn-statement-2016-documents/autumn-statement-2016