With the UK’s economy “ticking along smoothly” and detailed Brexit negotiations just around the corner, accountancy and business advisory firm BDO LLP expects the Chancellor to make no dramatic announcements in the Autumn Statement on Wednesday 23 November.
The Chancellor needs to make his mark, and on this basis BDO predicts there’ll be a light peppering of announcements aimed at reassuring people the UK is not only open for business, but that the Government is firmly focused on an economy that “works for all”.
David Brookes, tax partner at BDO LLP, commented: “Philip Hammond faces a difficult balancing act. On the one hand he doesn’t want to be seen as abandoning all financial prudence now that the focus is away from reducing the deficit, but he will want to strike a different tone to George Osborne and follow the new party message that the economy can ‘work for all’. Over the next few years, there will inevitably be bumps along the road as we look to leave the EU. Due to this, I expect the Chancellor will keep his powder dry. He will have plans up his sleeve, but he’ll want to keep them to himself for now, giving the Government enough room to respond and support the economy should an economic downturn come along.”