ICR 140: What you really need to know about the Autumn Statement
In this episode of Informed Choice Radio, Martin explains what you really need to know about the Autumn Statement.
There is also a roundup of the latest personal finance news and an update from the world of Informed Choice.
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What you really need to know about the Autumn Statement
On Wednesday, the new Chancellor Philip Hammond delivered his first Autumn Statement to the House of Commons.
Despite being fairly light on new policies, this was an important Autumn Statement; it’s the first proper assessment of the UK economy we have seen since the EU Referendum in June.
In a nutshell, we heard from Hammond that economic growth is forecast to slow down. As a result, the national debt is forecast to rise. There was however some good news for the lowest paid in society and those now referred to as JAMs; the “just about managing”.
In this episode of Informed Choice Radio, Martin talks you through some of the main features of the Autumn Statement, as they apply to your personal finances.
1 – £122bn worse off because of Brexit
2 – Salary sacrifice is sacrificed
3 – Money Purchase Annual Allowance slashed
4 – Plans to tackle pension scammers
5 – Market-leading savings bond to be offered
6 – Hammond’s final Autumn Statement
What did you think about Philip Hammond’s first and last Autumn Statement? We would love to hear from you.
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Personal finance news update
-The maximum compensation limit for bank customers is being returned to its previous level of £85,000.
-New figures from HM Revenue & Customs show the sale of homes in the UK stayed sluggish during the autumn.
-Brits plan to spend nearly £1,500 each this festive season.
-Nearly a quarter of over-50s plan to cash in their pension after withdrawing their tax-free lump sum, according to a new a survey from Retirement Advantage.
-New research by SunLife has found that 82% of over 50s don’t want a hymn at their funeral and that Always look on the bright side of life from Monty Python’s Life of Brian is the song most would choose to have played instead.
Useful links mentioned in this episode
–How to Live a Good Life by Jonathan Fields
Get answers to your personal finance questions
Do you have a personal finance or investing question for Martin?
Email martin@icfp.co.uk or ask on Twitter @martinbamford.
You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.
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