Thomson Cooper Accountants – Autumn Budget 2017 Commentary
In the new era of November budgets, the Chancellor of the Exchequer Philip Hammond provided a budget high on economic figures and low on any major changes to tax.
Unfortunately for the Chancellor, most of the economic figures were downgradings of previous estimates, but as always, the promise that the future is bright – despite concerns over Brexit. Growth in GDP of less than 2% is not a strong and stable foundation to build the economy of the future.
For Scotland, the budget is partly a work in progress as we wait a further three weeks until the Scottish Government announces its budget. What will their response be to the Stamp Duty changes announced today or the increase in the income level at which the higher rate of Income Tax kicks in?
There was plenty of talk about housing and preparation for the new technological era – but how will that affect Scotland? The answer to that is a few weeks away….or possibly a few years!