What will the Chancellor focus on in this Autumn Budget?
November 20, 2017
The forthcoming Budget will be the first official one to take place in autumn for more than 20 years. If the Chancellor keeps his promise to stick to one major fiscal event a year, it will also be the penultimate Budget before Brexit. That means just two bites of the cherry to ensure we have a ‘Brexit fit’ tax system and to set out a fiscal vision for the future outside of the EU.
A post-election Budget might normally be considered the time to raise taxes, with giveaways kept back until closer to the public next going to the polls. But the Chancellor faces the challenges of an impending Brexit and a minority Government. While our recent polling suggests that people would be prepared to pay more tax for key public services, the Chancellor will be mindful of the failure and fallout from the recent attempt to increase reform around National Insurance contributions for the self-employed at the last Budget.
While significant new legislation is unlikely, there is nothing to stop the Chancellor giving more clarity using road maps to set out a proposed direction of travel to address issues such as the productivity gap, intergenerational inequalities and housing.
So what can we expect? Read our predictions to see.