Date set for Hammond’s autumn UK statement

Added 9th September 2016

The UK’s newly installed chancellor of the exchequer Philip Hammond is to make his first autumn statement in the house of commons on 23 November, putting his own stamp on the treasury and setting out the financials post the Brexit vote.

Date set for Hammond’s autumn UK statement

The statement will be accompanied by the latest forecasts for the economy and public finances from the independent body the Office for Budget Responsibility, the Treasury said yesterday.

In the countdown to this date, there will be more speculation on what the chancellor will say in relation to the pension reforms started by former chancellor George Osborne and other areas that will impact on financial planning by advisers.  

John Gwinnett, pensions technical manager at Nucleus told International Adviser recently that he imagined a flat rate of tax relief for pension contributions would be “firmly back on the treasury’s agenda” but whether this would be in the forthcoming Autumn statement he did not know.   

AJ Bell senior analyst Tom Selby also said in reaction to the announcement of the 23 November date for the statement that the creation of a new Lifetime ISA could be the first step towards either a Pension ISA or the introduction of a flat rate of pension tax relief.

"However, given the ongoing uncertainty surrounding the details of Brexit, chancellor Hammond may decide now is not the time to stir up that particular hornets’ nest.“

He further highlighted a number of outstanding questions hanging over UK pensions that needed answering including whether the Lifetime ISA is a precursor to pension reform, if secondary annunities will be made available, whether the state pension triple-lock will be unlocked, and if auto-enrolment is to get delayed further.

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Mark Battersby

Editor, International Adviser

International Adviser

Mark Battersby is editor of International Adviser. He is also programme director for International Adviser events in strategic expat locations around the world, and its flagship FundLinks conference in London. Mark joined Last Word Media in February 2012, having previously worked at Citywire, Interactive Investor International, and FT Business.

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