Within this briefing note we have described the main Budget announcements as they relate to personal financial planning.
This was a Budget set against the backdrop of a difficult global economy, with a ‘materially weaker’ outlook. With the UK vulnerable to this global slowdown, Osborne had to balance the need to appease Tory backbenchers ahead of the EU referendum with fiscal reality.
The Office for Budget Responsibility once again cut their forecast for UK economic growth, but the Chancellor went on to deliver capital gains tax and corporation tax cuts regardless.
Savers will be encouraged with a higher ISA allowance and the introduction of a new lifetime ISA for the under 40s, which could act as an alternative to pensions for long-term retirement planning.
With continued low oil prices, there was support for the Scottish oil and gas industry, and also a continued freeze on fuel duty which will please motorists.
As with every Budget and Autumn Statement, the devil is often in the detail.
As more details come to light, we will add blogs on specific planning topics to our website at informedchoice.wpengine.com.
Do call us on 01483 274566, email firstname.lastname@example.org, or follow us on Twitter @informedchoice if you would like to discuss your own investment, pension or Financial Planning as a result of the Budget today or any of the contents within this free briefing note.