Autumn Budget 2017 at a glance
22 November 2017
10 August 2018
Chartered Insurance Institute
An 'at a glance' briefing for Chartered Insurance Institute members following the 2017 Autumn Budget.
Against the backdrop of a sombre economic outlook for productivity growth, business investment and GDP growth over the next five years as forecast by the Office for Budget Responsibility and continuing anxiety over the momentous political and economic transition the UK is set to undertake as it leaves the EU, the Chancellor of the Exchequer Philip Hammond laid out his fiscal plans to MPs as the state of the public finances were revealed:
- A further £3bn (in addition to £700m already allocated) from the public purse is set aside to prepare for Brexit.
- Stamp duty is abolished for first-time buyers on property worth up to £300,000.
- Emergency bail out for the NHS is promised - but considered insufficient by hospital leaders.
- The Budget was as notable for what it left out as Insurance Premium Tax (IPT) was kept at 12% in encouraging news for the insurance sector.
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.