Autumn statement 2016

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“The Autumn Statement is dead. Long live the Spring Statement! Philip Hammond’s first and last one promised long and delivered short”

Ever since Philip Hammond finished his debut presenting his first and last Autumn statement I have been mulling it all over and wondering where on earth we are with the state of UK PLC’s finances.

Firstly, let’s look superficially at Mr Hammond’s performance. There has been a lot of chat about his air of doom and gloom although to be fair to him his main source of reference is the Office for Budget Responsibility (OBR) report on the facts (as they see them!), and they do look gloomy.

It does look like Brexit will cost us £60 billion, it does look like our National Debt (the total quantity of money borrowed by the UK Government) will hit nearly £2 Trillion (90% of our GDP – the sum total of all we produce each year) by the end of this Parliament in five years’ time and it does mean that the budget deficit will not be reversed by 2019/2- and will we still likely be in deficit to the tune of £20 billion.

So it looks like austerity is here to stay and the only certain thing is uncertainty!

But is it all that bad?

Here is my take on what is better than you may have thought...

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