Hammond suggests 'long-term' plan for contractors

Thursday 6 October 2016

Speaking at the Tory party conference in Birmingham, chancellor of the exchequer Philip Hammond has given away some clues as to what contractors can expect from the Autumn Statement.

Philip Hammond said he would use this opportunity to deliver a new plan and “long-term fiscal sustainability, while responding to the consequences of short-term uncertainty” and consequences of Brexit.

Mr Hammond said: “We will [restore fiscal discipline] in a pragmatic way that reflects the new circumstances we face. The fiscal policies that George Osborne set out were the right ones for that time. But when times change, we must change with them.”

He also said that there will be support for contractors and business owners as they adjust to life outside of the European Union (EU) in the aftermath of Brexit.

From Mr Hammond’s speech, there were various hints and clues for the Autumn Statement: the go-ahead for IR35 changes, which are set to come into effect from April 2017, a strong economy that benefits all people not just the privileged few, and the need for investment into the IT and technology industries.

In fact, it is predicted that the Autumn Statement will focus heavily on support for contractors, businesses, IT and technology.

Mr Hammond will announce plans to implement new technologies that boost UK productivity, establish Britain’s role in the world as a leader in tech innovation and encourage the brightest and most talented people to work in the UK’s high-tech industries.

Regarding business, Mr Hammond will unveil plans to provide easy access to European markets for suppliers and services for British entrepreneurs. In addition, he is also expected to focus on how to support British business as they enter the process of adjusting outside the EU.

From the hints and clues he has given, it seems as though Mr Hammond’s statement is focused around Brexit, and it seems as though the aim is to help the UK’s business, IT and technology industries adjust and thrive as the UK prepares to leave the EU.

His speech comes after prime minister Theresa May recently announced that the UK will begin the formal Brexit negotiation process - known as triggering Article 50 of the Lisbon Treaty - in March 2017. It's predicted that the UK will leave the EU by the summer of 2019.
The Autumn Statement will be presented on Wednesday November 23rd 2016.

By Victoria McDonnell

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