13th March 2017
First and Final Spring Budget for Hammond
This week we finally have something new to talk about – the first budget from Philip Hammond as Chancellor.
While a potential broken promise and some duff jokes have been the focus for the press, we thought the most interesting point was the abolition of the spring budget itself. The annual tradition of summer giveaways before an election will be now consigned to history.
While the National Insurance hike for the self-employed has become a potential “gotcha” for political reporters, it raises more important questions. The Chancellor has been keen to point to this as levelling the playing field and improving fairness, but has neglected to mention that self-employed people have restricted access to the social safety net. However, the main use of national insurance, the state pension, is only getting more expensive as more people retire and the insanely generous triple lock keeps escalating its costs. This is unlikely the last time national insurance gets bumped, and next time it will probably affect lot more of us, although there may yet be a challenge to this latest policy.
Please follow the link to read this weeks Full Market Commentary below.