Following the Autumn statement, Daniel Mahoney, Head of Economic Research, comments:
“Hammond’s abolition of the Autumn Statement is a welcome move. It will reduce uncertainty for businesses that will no longer have to face changes to the tax system twice a year.
“The Statement’s focus on boosting productivity – particularly through the promotion of infrastructure and housing – is also welcome. However, the Chancellor simply announced further borrowing for investment. Although modest compared to Labour plans, this is a concern given that the debt to GDP ratio is set to reach 90%.
“There were also no measures put forward to improve the quality of infrastructure or to reduce regulatory burdens that are constraining housing supply. This was a major missed opportunity.”