Budget 2017: A bit brighter but we’re not out of the gloom yet…
Despite some gloomy economic forecasts, Chancellor Philip Hammond has delivered an Autumn Budget that will please some, but by no means all.
Among the reasons to be cheerful, the Chancellor announced a £2.3 billion investment in R&D as part of an effort to increase R&D investment to 2.4 percent of UK GDP. For those saving to buy their first home, his move to scrap Stamp Duty Land Tax (SDLT) on the first £300,000 of a property’s purchase price (as long as the property is not worth more than £500,000) will be welcome but could end up driving up prices at the lower end of the market.
For small businesses, the decision to start basing future rates increases on CPI rather than RPI two years earlier than planned is also good news, particularly for retailers and hospitality and leisure businesses. The transport and logistics sector will also be pleased that the Chancellor made commitments to infrastructure and modernising transport with a £1.7 billion fund to support projects looking at improving connectivity and reducing congestion.
But it’s by no mean all good news. Read on.
Click here to read The Budget Summary and see how the changes could affect you and your sector.