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News - Published 22nd November 2017

Retail: Autumn Budget 2017 Response Summary

Autumn Budget 2017

Following the Chancellor’s Autumn Budget 2017 update, Menzies Retail sector team have reviewed the impact of Philip Hammond’s announcement upon the UK business services community.

Autumn Budget 2017 comments provided by Roberto Lobue.

Roberto Lobue - Menzies Accountant

The positive news coming out of the budget for retailers are the changes to the business rates system and the fact that the government will base future rates increases on the CPI index rather than RPI two years earlier than originally planned. As part of our pre-budget wish-list, we’d hoped for changes in this area and this news should provide a welcome boost to the retail industry in Black Friday week which is one of the busiest weeks of the year for them.

The savings made by this change could be offset for some by the changes to the National Living wage which will increase in April 2018 by 4.4%, from £7.50 an hour to £7.83.

The decision to freeze the VAT threshold will be seen as a disappointment to those who believe it disincentivises growth but the Chancellor’s comments that he will review its design so that it encourages growth in future are welcomed.

Get more input on the Autumn Budget 2017 implications for the Retail sector by speaking to our sector team.

Find out more about the Menzies Retail business advisory services.

Back to more 2017 Autumn Budget Responses.


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Roberto Lobue - FCA

Partner

Roberto Lobue is a Menzies Partner with a wealth of audit and compliance experience. Roberto also provides international accountancy and tax advisory.