Autumn Statement Key Points

November 29, 2016

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On Wednesday, Chancellor Philip Hammond delivered his Autumn Statement to Parliament, the first major economic announcement since the UK voted to leave the European Union. He outlined measures to help “ordinary working-class families” and stressed that the best way to raise living standards are through a stable economy with fiscal discipline and better productivity. The key points of the Autumn Statement were as follows:

However, Britain is set to face a number of challenges in the next two to three years as negotiations around Brexit continue. With other European countries also considering their place in the EU, there is the potential for further political uncertainty. In the face of such headwinds Hammond has taken a prudent approach in his first Statement, providing as much fiscal flexibility as possible. By adopting a frugal stance, he has left himself headroom for any necessary action later. The proposed fiscal mandate gives him scope for £26.5 billion more in structural borrowing in 2020-21 than his predecessor was aiming for last March, which is a reasonable war chest with which to fight future economic encounters.

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