A summary of the Autumn Budget

Overview

The ‘end of austerity’ was Philip Hammond’s key and constant theme with the Chancellor claiming that the reduction in borrowing and economic data is ahead of where we expected them to be. He made lots of promises without putting in any tax hikes for individuals, which was a fear going into this week’s autumn statement. As with any Budget however, the devil will be in the detail.

The increases to the personal allowance and higher rate tax threshold will be beneficial to many households, as will the freeze in fuel duty. The fact potholes are getting more than our schools may be a bone of contention, but I am sure we can all agree that any investment in our road network will be beneficial.

In a lot of ways however, the headlines from a financial planning perspective are what the Chancellor left alone. There had been much speculation prior to the budget that Philip Hammond was considering a further raid on pensions, in the form of potentially changing or abolishing tax relief, especia