Simon Collins, UK Chairman at KPMG, responds to the Autumn Statement; "Overall, an Autumn Statement of jam and Jane Austen”.
Simon Collins, UK Chairman at KPMG, said: “In today’s Autumn Statement, the Chancellor sent a clear message that he plans to build up the British castle as we head towards Brexit. He announced a succession of investments in infrastructure – a total of £23bn over three years - to counter-act the disparity between high productivity London and the rest of the country. It’s not just about the money though. Increasing devolution and powers to borrow will give the UK’s regions more control over their own destinies. Time will tell if this will bolster the country enough against the economic headwinds – a reduction in GDP of at least £120bn - identified by the Office for Budget Responsibility. Having spent years lobbying for improved transport and broadband, many businesses will be pleased at the government’s commitment to infrastructure. The real test of the government’s commitment will be in the delivery of projects which remain controversial and are fundamentally complex to achieve.Chairman at KPMG, said:”
“As anticipated, the Chancellor also offered a series of messages to help the so-called ‘jams’ – those people who are just about managing. As one of the founders of the Living Wage, we’re delighted that the government continues to follow its lead. Many people will also benefit from the increase in tax free personal allowance to £12,500. All of this will need to be seen in the context of an incredible peak of 90% borrowing.
“Overall, an Autumn Statement of jam and Jane Austen.”
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