Afternoon all
Philip Hammond has delivered his autumn statement budget.
Growth forecasts have been significantly downgraded. GDP is expected to grow just 1.5% (not 2% as expected) in 2017, 1.4% in 2018, and 1.3% in 2019/20
By 2022 a prediction that an extra 600,000 people would be in jobs.
A focus on equipping British workers to deal with an increasingly digital economy, with millions set aside for mathematics and computer science teaching and lifelong learning.
Other useful announcements:
- Employment status - Government will publish a discussion paper in response to the Taylor review report
- National Minimum Wage – increase in the 25 and over rate to £7.83 from April 2018
- Company cars:
- for electric vehicles, from April 2018 there will be no benefit on electricity that employers provide to charge the electric vehicles
- RPI increases in car fuel and van benefits from April 2018, plus an increase in the diesel supplement used in the car benefit and fuel calculation from 3% to 4% for most cars
- Expenses - from April 2019, there will be no requirement to check receipts for subsistence expenses when using benchmark scale rates (you will still need a robust system to validate entitlement)
More details are here:
https://www.personneltoday.com/hr/budget-2017-national-living-wage-rise-confirmed-7-83/
All the best
Sarah
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