EY comments: 'an Autumn Statement to end them all'


23-11-2016

Stuart Wilkinson, Tax Partner at EY in Cambridge comments: “In what was really a mini-budget, with 43 measures including 18 tax changes, the Chancellor’s first and last Autumn Statement today was what we expected – giving a little bit here and taking a little bit there.

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"Most of the measures reflected a post-Brexit economy, with long term growth being revised downwards versus inflation only getting higher, thus stimulating the need for additional borrowing.

“As if forecasting for next year wasn’t hard enough for businesses in Cambridge and across the East of England, with Brexit and the US election results to digest, the Autumn Statement has added an unexpected rise in the minimum wage (from £7.20 to £7.50 an hour) together with a hike in employers' national insurance and a restriction on using losses and offsetting interest costs.

"If you add the uncertainty around a supply of workers once we leave the EU it will be a tough few years for those businesses which employ high numbers of people across the region.”

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