Autumn Statement confirms major Whitehall investment in STEM

“I wouldn’t call it a bold budget and I can not see how it’s going to make a significant and positive affect on happens locally”, said Redbridge Chamber of Commerce chairman, Geoff Hill.

To prepare Britain for Brexit, Hammond adopted a less rigid approach than his predecessor George Osborne to bringing down the deficit as he announced a fund to invest 23 billion pounds ($29 billion) in rail, telecoms and housing infrastructure over the next five years.

The National Living Wage will go up 30p from April next year. That means someone on universal credit will see that credit fall away at the rate of 63p for every extra £1 earned, down from the previous level of 65p in the £1, another carefully-targeted tax cut.

A second rule commits Hammond to have public sector net debt as a share of economy must be falling by the end of this Parliament, and a third to maintaining welfare spending in a cap set by the government.

The chancellor announced a number of changes to both business and personal tax.

The income tax threshold will be raised to £11,500 in April, from £11,000.

‘Uninsured driving typically adds £30 to the average auto insurance policy and by encouraging more young drivers to attempt to take to the road without cover will simply add to the insurance burden for everyone’. All other measures in the Autumn Statement will be paid for through spending cuts and tax hikes.

Whiplash claim action will save drivers an average of £40 on their annual insurance premiums. This was predicted last week, but the RAC is doubtful that any saving will be felt by motorists.

“Strategy Desk welcome the investment in venture capital funds to unlock £1 billion in finance for start up technology firms”. “Digital infrastructure” got over £1 billion.

Some £400 million of the funding will be focussed on delivering fibre broadband cabling to the premises of homes and businesses rather than an exchange cabinet.

“The announcement of increased business rates reduction will not benefit many nurseries, most of whom are facing a big increase in business rates next year due to the revaluation, and few nurseries are likely to be able to qualify for 100 per cent rural businesses rates relief”.

His announcements included a new £23bn National Productivity Investment fund focusing on innovation and infrastructure, which will make investments over a five-year period and a £2.3bn housing infrastructure fund.

Thank goodness there will be only half as many opportunities per year for him and his successors to make them in future. “The white paper, however, will need to look more widely across infrastructure, devolution of spending powers, planning, taxation, public land funding, delivery models and rental tenures, as well as consider the impact of migration and the generational shift in home ownership, in order to be truly comprehensive and to move the dial on housing volume”.

The second tranche of money will be available to housing associations and councils and used to fund work on 40,000 additional affordable homes by 2021.

“A match-fit Britain must be a tech-fit Britain, and today the Chancellor gives United Kingdom tech a series of welcome announcements”.

“And while it is full steam ahead for FTTP for our European counterparts, Britain’s businesses are being held back by the government’s total lack of ambition”.

“Neil Woodford has a well publicised liking for science research and development and has been a long-term supporter of our universities and fledgling companies”, McDermott says.