Britain has waited 21 years for an Autumn Budget, but on the evidence we saw yesterday, Philip Hammond still needs more time to come of age into his role as Chancellor. Undoubtedly hampered by poor productivity forecasts and the looming spectre of Brexit, Hammond’s austere approach won’t leave the public with a sense of economic comfort and stability in the months to come. Nonetheless, it’s not the time for everyone to batten down the hatches. The Chancellor threw in a few golden nuggets for first-time buyers, small businesses and those on low wages.
The cancellation of stamp duty for first-time buyers purchasing properties worth up to £300,000 was one of the show stopping moments from his speech. This removes a significant burden for many thousands of people who have been struggling to access the housing market, and will increase house purchases. However, it is of no value to other potential buyers.
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