Autumn Statement, Black Friday and consumer credit

So, no more Spring Budgets. In one of the most surprising announcements in yesterday’s speech, the Chancellor revealed the abolition of the traditional March Budget and Autumn Statement. From 2017, there will be a single Budget in Autumn, along with a ‘Spring Statement’ with no major policy announcements from 2018.

In truth, the final Autumn Statement held few headline-grabbing stories. Many had been trailed in advance, including a ban on letting agent fees and a £1 billion boost for broadband connections and speed. Previous announcements also featured heavily, including an increase to the National Living Wage to £7.50 an hour and a crackdown on fraudulent whiplash claims.

Other key points were a freeze on fuel duty for the seventh year running, an increase in personal tax allowances, and a rise in the higher-rate income tax threshold from £43,001 to £45,000 in April and to £50,000 by 2020. There will also be a hike in free childcare for working families with three and four-year-olds from next September.