Autumn Statement Highlights

Philip Hammond delivered his first budget in difficult times.

Our growth forecast has been drastically reduced and the Governement no longer hopes to achieve a budget surplus by 2020.

This did not get a favourable response from the markets, but hopefully they will recover fully.

TAX

• Income tax threshold to be raised to £11,500 in April 17, from £11,000

• Higher rate income tax threshold to rise to £50,000 by the end of the Parliament

• Tax savings on salary sacrifice and benefits in kind to be stopped, with exceptions for ultra-low emission cars, pensions, childcare and cycling

• National Living Wage to rise from £7.20 to £7.50 per hour from April 17

• Employee and employer National Insurance thresholds to be equalised at £157 per week from April 2017

OTHER POINTS

A lot more to read and it is well explained on this website

http://www.bbc.com/news/uk-politics-38075649