The first major economic statement since the EU referendum focused on measures to “prepare our economy to be resilient as we exit the EU”. The following Autumn Statement 2016 report summarises the announcements made by chancellor Philip Hammond on 23 November 2016.
The end of the Autumn Statement
The main surprise is that this was the final Autumn Statement. Following the spring 2017 Budget, the Budget will move to the autumn.
The Autumn Statement 2016 Report at a glance
- Corporation Tax – main rate to reduce to 17% by 2020.
- Salary Sacrifice – schemes taxed at the same rate as cash income.
- Infrastructure – increased funding for housing, transport and R&D.
- Personal Allowance – allowance to rise to £11,500 in April 2017.
- National Living Wage – increase to £7.50 an hour from April 2017.
- National Insurance – employees and employers thresholds aligned.
- Pensions – money purchase annual allowance reduced to £4,000.
- Saving Bonds – New NS&I savings bonds to be launched.
- Fuel Duty – Frozen for another year.
- Broadband – £1 billion investment in full-fibre broadband and 5G.
- Local Growth Fund – £1.8 billion for different regions.
- Autumn Statement – Autumn Budget and Spring Statement from 2018.
To read our full Autumn statement 2016 report, click here.