Agents braced for more change as Autumn Budget date revealed

Chancellor Jeremy Hunt says that the OBR has been commissioned to prepare an economic and fiscal forecast after last year’s Mini-Budget.

Chancellor Jeremy Hunt

Chancellor of the Exchequer Jeremy Hunt (main picture) revealed the date of his Autumn budget this week and the run up to November 22 will leave the property industry on tenterhooks as to what rabbits he can pull out of the hat without spooking markets.

Unlike last November the Office for Budget Responsibility (OBR) HAS been commissioned to prepare an economic and fiscal forecast. In 2022 then Chancellor Kwasi Kwarteng and Prime Minister Liz Truss sent financial markets into turmoil by trying to go it alone.

RAACA

But pundits say that it’s most likely that this year changes to taxes and funding for schools will be top of the list given recent widespread reported RAACA (Reinforced Autoclaved Aerated Concrete) issues – something that the Royal Institution of Chartered Surveyors is keeping a close eye on.

The Autumn statement will be highly anticipated by a wide mix of property professionals when it takes place in the Commons on Wednesday November 22.

But The Neg understands that hopes will for any meaningful Stamp Duty reform will be dashed – despite repetitive calls for the hated tax to be reformed.

Speaking at the weekend Chancellor Jeremy Hunt said that if the Government was to “put money in people’s pockets quickly” the fastest thing he could do was to halve inflation.

GENERAL ELECTION

The Autumn statement is likely to be the last for the Government – and Jeremy Hunt – before the next general election and will set out fiscal plans for the government for its remaining term.

As well as any tax changes Hunt may use his Autumn statement to play around with spending pledges.

After a tumultuous 12 months it’s likely that as well as issues with RAACA in multiple public buildings – not just schools – Hunt will focus on both the NHS and the military rather than issues impacting the residential real estate sector.

The Neg reported in July how millions of pounds are being overpaid by property buyers due to Stamp Duty mistakes.


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