Expert Opinion

How does the Autumn Budget affect you?

Our crystal ball was correct about some of the announcements made this morning. Here is our speedy breakdown of the key messages from the budget:

  • Although no further details were given, the government will consult the private sector before IR35 is rolled out in future
  • The VAT threshold will remain at £85,000 to ensure small businesses are not adversely affected
  • Personal allowance will increase to £11,850 from £11,500 and for the high earners increasing to £46,350

London the Fintech Hub

  • Hammond referred to London being one of the world’s financial services hubs, pledging £500m into various funds including AI
  • A further £2.3bn has also been allocated for investment into research and development
  • The UK will also be backing driverless cars by investing £540m

What else was mentioned?

  • £3bn will be invested in order to ensure Britain is ready for Brexit
  • There is a freeze on fuel duty
  • The economy is forecasted to slow down over the next 3 years and then rise in 2021
  • Borrowing and debt is expected to decrease

The full budget can be read here