Boomerang Budget or Statement!15 September 2017
It is with some irony that I wrote the majority of the blog below whilst on holiday. As I got to the airport to come home, and to kill time, I went through my Twitter account (@ChaptersMoney) to see what was happening in the world, only to find The Chancellor announcing the date of his Autumn Budget on 22 November 2017. Therefore, you may have to bear with me if some of this text is pre and post new announcement.
To put this in further context, Philip Hammond MP said last autumn:
This is my first Autumn Statement as Chancellor. After careful consideration, and detailed discussion with the Prime Minister, I have decided that it will also be my last. I am abolishing the Autumn Statement. No other major economy makes hundreds of tax changes twice a year and neither should we. So the spring Budget in a few months will be the final spring Budget.
No change of heart there then. However, to be fair, the beast that is Brexit has no limits to its needs and therefore this might well be a reflection of the need for a Budget…..and then a Statement next year.
So, it's the first year that we are not to have an Autumn Statement (read Budget) from our Chancellor...but just a Budget. I would have missed it had it not gone ahead, and maybe you should too.
I have many a happy memory of starting to watch the Chancellor's Budget from the dispatch box with my father, a bank manager, from the 1980s. It was always the personal finance elements that focused our minds, along with the usual tax hike on drink and cigarettes, although now I also take a more holistic view as a business owner, and focus less on the taxed consumables. For some it was also the reminder that their tax return needed prompt attention.
At the time of writing this blog, we have just prepared our client and professional connections Autumn Newsletter for distribution. We are very pleased with this (extra copies are available on request) as a timely reminder of all things financial planning at the half-way point of the financial year. And this was the plan of this blog, had the Budget not gone ahead. The Autumn Budget, Statement, call it what you will was always a notable point in the year to remind the public that money never stands still and taking action with your own financial planning was well worthwhile. Sure, the end of the tax year in the spring is always a good time to focus, but this is normally industry generated. But the Budget was something different, almost neutral, in saying this is where the UK is, this is what we need to keep going, and this is how HMRC are going to get it. Fascinating...well, to a financial planner anyway!
I hope these notes will be some form of extra reminder stimulus to take a look at your money planning, as will be achieved by the Chancellor on 22 November 2017 from the dispatch box. It is so much more than just a speech.
Talk to the team at Chapters Financial who can help you with your, pension, investment, protection and financial planning arrangements for Autumn 2017 and beyond.
No individual advice is provided during this blog.
Keith Churchouse FPFS
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.