Steady ahead

As always there is much scrutiny after every budget and indeed after every autumn statement. Everyone trying to second guess the forecasts that have been made and putting their own spin on things.

Overall very little changes as a result of the autumn statement. In essence the government are going to be borrowing more money (around £23 billion) to spend on capital projects – infrastructure – through a new National Productivity Investment Fund. This will of course add to the mountain of debt and consequently increase interest payments.

On day-to-day spending there were some changes which have made the headlines such as reducing the taper rate for those on Universal Credit meaning working families will keep more of what they earn as their earnings increase. The big earner for the government on the income side is the increase from 10% to 12% in Insurance Premium Tax.

It still imperative the nation lives within its means and that means the government continuing to control public spending and protect the tax base i.e. Ensure everyone pays what they should. There were yet more measures announced yesterday to help in the constant battle between taxpayer and tax collector.

Autumn Statement 2016

The main event which affects family finances takes place today when the Chancellor makes the Autumn Statement. This is basically an update on the figures announced in the Budget earlier in the year. New forecasts will be made and invariably every Chancellor uses the opportunity to make slight adjustments to spending plans.

Before the main event there will be Questions to the Secretary of Scotland and then Questions to the Prime Minister. After the Autumn Statement there will be another in the series of debate being tabled by the government on the effects of the UK leaving the EU this time the focus will be on transport.