View more on these topics

Budget 2018: Hammond ups Brexit budget by £500m

Chancellor Philip Hammond has increased Brexit preparation funding by another £500m in the 2018 Budget today.

After allocating an initial £2.2bn to a new Brexit preparations department, Hammond noted said in last year’s Budget that a further £1.5bn for the purposes in last year’s budget.

Today he announced that figure will rise to £2.0bn.

Hanmond says he is confident the government will deliver a favourable Brexit deal, however he says he “will continue to plan for all eventualities”.

He added that a “double dividend” could come from releasing more funds from reserves and more investment could come on stream after uncertainty.

Hammond says the government is planning a full departmental spending review next year, and that, once EU negotiations are finalised, a Brexit “deal dividend will allow us to provide further funding for the spending review.”

Hammond says: “The hard work of the British people is paying off. Austerity is coming to an end.”

Recommended

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]

DFM and Sipp provider enters administration

Smith & Williamson have been appointed as joint administrators to troubled Sipp provider and discretionary fund manager Greyfriars Asset Management. Partners Adam Stephens and Henry Shinners are handling the wind up of the Leicester-based firm, and started work on 23 October, the company announced this morning. Shortly after their appointment they completed the sale of […]

HMRC fails to enforce IFA tax ‘enabler’ penalties in first year

HM Revenue & Customs says new rules to stop advisers facilitating tax avoidance schemes are already having an impact just over a year into the new regime, but no fines have been levied yet. Under last year’s Finance Act, any person who “enables” the use of abusive tax arrangements, which are later defeated by HMRC, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. £2.7 billion to fund something that practically half the electorate didn’t want. Ah! Democracy at work.

    • ‘Something that practically half the electorate didn’t want?’ No. More like one third of the electorate. Almost one third did not express a view in the referendum.

      £2.7 billion to to fund something that just over 51% of those who voted wanted. THAT’S democracy!

    • Harry, answer me these three questions please.
      1. Bearing in mind everything that has happened since the first referendum in 1975, do you accept that for many people (on both sides of the result) the 2016 question was really a choice between accepting increasing federalism or not?
      2. If the vote has been the other way, what should have been done to placate the losing ‘Leavers’ – or, as many commentators seem to imply, they should be ignored as they “didn’t understand the implications”?

      3. Can you confirm that, should we have a third referendum on membership, we could rejoin on exactly the same terms we had on 22 June 2016? You see, if not, then we have the prospect of losing our veto on issues which could unfairly penalise us, our rebate and possibly having to agree to join the euro at some point – with Italy’s current problems perhaps that’s a probability. Remainers are very quiet on this and I would suggest that terms of any re-entry are absolutely clarified first.

  2. £2.7 billion to fund something that more than half of the electorate did want. That’s democracy!

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com