Autumn Budget - what's the big idea?

17 November 2017

The first post-election budget is normally a chance for a chancellor to raise tax, but the precariousness of the political landscape means Philip Hammond may have few options.  Even if he wanted to table some big ideas, he needs to be careful.  

He probably needs to steer clear of measures that would hit large swathes of the electorate - he was badly burnt over the National Insurance rises for the self-employed he proposed back in March, and we certainly don't expect to see something like that this time.

Instead, he could look for tax rises only in certain sectors, or otherwise, he could try to find something that his political opponents might broadly agree with - but that's tough.  More measures to crack down on anti-avoidance are always well received but as Stella Amiss, Head of Tax Policy, and Anna Wallace, Head of Political Relations, discuss in our podcast, the tax avoidance gap has narrowed so maybe not as much to go at there.    

Episode 2: Are tax rises inevitable this Budget?
There’s a lot of noise building around the challenging conditions for the Chancellor. On the one hand there’s growing pressure for more spending on public services and on the other the need to cut borrowing and debt. Will the Autumn Budget be one of giveaways or take-aways?

Barry Murphy, Partner at PwC discusses with Stella Amiss, Head of Tax Policy and Anna Wallace, Head of Political Relations at PwC.

Something that might gain some consensus would be a Stamp Duty Land Tax holiday for first time buyers. There is speculation that something big on housing might be the big idea

 

Only a few more days to wait and see..  

 

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