20.1 C
Lancashire
Thursday, July 18, 2024

What could we see in the November budget?

Tony Medcalf, head of tax at Lancashire-based accountancy firm MHA Moore and Smalley, said: “There’s been talk about the chancellor using this budget to woo younger voters, perhaps by offering some form of tax break to younger people. There’s been suggestions that this could be something around National Insurance Contributions, but we’ll have to wait and see.

“I think Mr Hammond will want to be seen to be increasing public spending. Therefore, we might see some announcements relating to increased funding for housing and the NHS and, perhaps, some relaxation of public sector pay caps.

“With the continued uncertainty around Brexit, the chancellor will want to be saying that ‘Britain’s open for business’. However, he’s still walking that tightrope of being accused by Labour of offering tax cuts to big business, so I don’t think he can afford to be too over the top. The better than expected Q3 GDP figures will probably have eased the pressure on the chancellor to intervene on business taxes. As a result, I think it’s unlikely we’ll see corporate tax rates going any lower than they are already.

“I don’t expect any major structural changes to the headline tax rates. Any alterations are likely to be tinkering. Despite the recent drop in government borrowing, I still think any tax giveaways would likely be funded by tax clawbacks elsewhere.

“This is the first budget after the election, which is normally the time political parties make their boldest and most controversial changes. However, I can’t see anything too radical being proposed this time. Following the narrow win at the election, the chancellor will want to avoid any major own goals. I expect Mr Hammond to stick to his overall message about creating a stable economy over the long term.”

spot_imgspot_img

Latest

Bin it and bag it: Jollyes launches nationwide free poo bag giveaway

Retailer Jollyes will open its next brand new store...

Benidorm’s Steve Pemberton raffles £30,000 of personal memorabilia for charity

Benidorm star Steve Pemberton has donated priceless memorabilia from...

Colne gears up to host major British cycling event

Some of the top riders in the country will...

Investigation launched following fatal fire in Blackpool

A joint investigation has been launched following a fatal...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Best Horse Racing Betting Sites In The UK

Those looking for the best UK horse racing betting...

Bury author scoops Lancashire’s Book of the Year Award for third year running

A talented author from Bury has been handed a...

HAD & CO recognised as ‘most influential female-led architectural practice’

Female-led architectural practice HAD & CO based in Burnley,...

Urgent callout made for foster carers across Lancashire

A new recruitment hub has been launched to recruit...

More News

Free travel for military personnel on Armed Forces Day

Free travel will be available on Stagecoach bus and tram services for military and ex-military personnel on Armed Forces Day. This Saturday is a chance...

Lancaster shop worker fined for selling vape to underage girl

A man working in a Lancaster vape shop has been fined £916 for selling a disposable flavoured vape to a teenager without asking for...

One in three businesses in Lancashire fail test knife purchases

Trading Standards revealed that one in three Lancashire businesses failed their test purchases for knife sales. Operation Sceptre, an operation focusing on knife crime, involved...