3 Points From The Autumn Statement Which Will Affect You
The Chancellor of the Exchequer, Philip Hammond, today revealed the UK’s first budget since the vote to leave the European Union in June.
The Chancellor is reportedly dealing with a £100m ‘black hole’ as a result of Brexit, however the Statement itself was around half the size it was back in 2013. Below, we summarise three of the top announcements that could have the biggest effect on both businesses and their employees.
The Government plans to place a ban on letting agent fees which according to Citizens Advice, cost on average £337 per person.
Housing charity Shelter welcomed the policy. Campbell Robb, the organisation’s Chief Executive said: “Millions of renters in England have felt the financial strain of unfair letting agent fees for far too long, so we’re delighted with the government’s decision to ban them. We’ve long been campaigning on this issue and it’s great to see that the government has taken note.”
The changes are intended to help people move into their own accommodation and are set to be placed into effect “as soon as possible.”
Additionally, the Government announced a new £2.3b fund to help provide £100,000 new homes in high-demand areas.
UK Business Investment
The Government aims to double UK export funding capacity in a bid to help the country export goods easier. As well as this, the Chancellor revealed £400m is to be used through venture capital funds via the British Business Bank to ‘unlock £1b’ in finance for growing businesses in the UK.
The National Minimum Wage Rise
From next April, the National Minimum Wage will increase by 30p per hour, going from £7.20 to £7.50 for each hour worked. This accompanies the rise in the National Living Wage which recently rose to £8.45 per hour outside of London and £9.75 inside the capital.
This rise is worth £500 annually to a full-time worker being paid the National Minimum Wage.
Preparing for 2017
To help your business prepare for the future, we’ve put together a free guide, ‘The Top 5 Payroll Issues of 2017’ so that you can plan ahead. You can download your copy today using the handy button below.