Stuart Wilkinson, Tax Partner at EY in Cambridge comments: “In what was really a mini-budget, with 43 measures including 18 tax changes, the Chancellor’s first and last Autumn Statement today was what we expected – giving a little bit here and taking a little bit there.
EY comments: 'an Autumn Statement to end them all'
"Most of the measures reflected a post-Brexit economy, with long term growth being revised downwards versus inflation only getting higher, thus stimulating the need for additional borrowing.
“As if forecasting for next year wasn’t hard enough for businesses in Cambridge and across the East of England, with Brexit and the US election results to digest, the Autumn Statement has added an unexpected rise in the minimum wage (from £7.20 to £7.50 an hour) together with a hike in employers' national insurance and a restriction on using losses and offsetting interest costs.
"If you add the uncertainty around a supply of workers once we leave the EU it will be a tough few years for those businesses which employ high numbers of people across the region.”
EY is a global leader in assurance, tax, transaction and advisory services. With over 400 employees in our Cambridge and Luton offices, our teams provide a range of services to a variety of sectors, including manufacturing, life sciences, consumer products and retail, technology, real estate and construction, health, and the public sector. The broad array of companies across the East allows us to bring real, relevant and key insights to our clients.