The Autumn Budget laid out on 22 November 2017 by the Chancellor, Phillip Hammond, was positioned as supporting Britain’s need to prepare ‘to meet the challenges ahead’, driving for ‘a dynamic and innovative economy’. Within the context of the Office for Budget Responsibility’s downgrades in productivity assumptions and cuts to the growth forecasts, it lowers the Chancellor’s headroom for tax and spending giveaways in future Budgets. However, Hammond presented a Budget heavy on promises of investment, and while there were few surprises or upsets, there are some significant points for businesses to consider. Our technical experts have provided an overview of the key areas employee benefits professionals need to be aware of.
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