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Autumn Budget – What will be in it?

As November 22nd gets ever closer, the rumours of what will be included in the Autumn Budget grow more each day. News outlets are reporting more each day what will be in the budget. We have scoured these articles to bring the potential announcements together in one place to try answer the question: Autumn Budget – What will be in it?

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The Overview

On Wednesday 22nd November, Philip Hammond is set to deliver his second budget of his career.

Many are suggesting that the big focus will be on technology and focussing on benefitting the young.

Pension Tax Relief

Although it is being reported as unlikely, there are rumours of the tax relief on pensions being cut. It is a sure fire way to raise money for the government.

Successive governments have cut tax relief previously,  but it seems (from reports) that Mr Hammond will stay clear from doing so in this budget.

Winter Fuel Allowance

Something that is always a hot topic at this time of year is the winter fuel allowance. The allowance for over 80’s was increased from £200 to £300 and was announced it would be means tested.

Details about when and how the means testing will work, may be answered in the budget.

Stamp Duty

Stamp Duty is one of the ways the Autumn Budget could favour the younger population.

In 2016/17 there was a record £11.8 billion raised through stamp duty.

At the moment, first time buyers pay no stamp duty on the first £125,000 of the property they are buying. Effectively no tax for the first £125k.

The rumoured proposal is that Stamp Duty will be zero for all first time buyers.

The finer details are unknown, so it could mean there could be an age cut off or more implications. So, there maybe more than meets the eye with this announcement.

Railcards

Continuing with the theme of favouring the young, a 26-30 year old Railcard could be created.

It is rumoured that the card could be similar to the current 16-25 year old Railcard. This offers discounts to rail fares of 1/3.

Fuel Duty

It seems that, inline with the Diesel Tax (our article on this can be found here), Fuel Duties on Diesel could be increased.

This will continue the stance the government have on the pollution created from Diesel powered cars, vans and HGVs. It is reported by news outlets, that alongside the rise in Diesel Fuel Duty there will be a reduction for petrol.

Alcohol

It’s reported that the drinks industry is worried that alcohol prices could rise in consequence of the Autumn Budget.

The worry is, alcohol rates now rise with the RPI Rate. In March the RPI rose, making a bottle of wine 8p more expensive. If the RPI Rate is applied again, it could add 9p to a bottle of prosecco. This would be a rise just before the festive period.

Technology

Technology seems to draw a large focus for the Autumn Budget.

The rumours involve:

  • Self-Driving cars could be tested as early as 2021, with plans thought to be unveiled in the budget.
  • 5G mobile networks to be invested in and rolled out in the future.
  • Funding for the  National Cyber Security to make networks more safe and secure.
  • Funding to support tech companies who develop and pioneer services especially within AI.

The emphasis on technology is due to the Treasury believing that the industry could be worth £28 Billion to the economy by 2035.

In Conclusion

All the above are rumours and predictions found from different news outlets. These are not guaranteed to happen, or to happen to the same extent.

Make sure to look out on our social media accounts for updates when the budget is announced.

 

 

 

 

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