What can Lancashire businesses expect from the Budget?

By Lancashire Business View

21 Nov 2017

On Wednesday, November 22, chancellor Philip Hammond will announce details of his autumn budget. It's the first since the election, which is typically when chancellors make their boldest moves.

James Morris, tax partner at RSM in Preston, also speculates that this could be Philip Hammond's last, which could inspire him to make bold proposals.

He says: "If the Chancellor does feel this is his last budget, might he decide to go out in a blaze of glory?

"Even without Brexit, the UK tax system is at a crossroads. With the tax base shrinking, the question as to who should pay how much tax on what is more important than ever before.

"Reforming the tax system will require a major public debate and a considerable amount of parliamentary time. But with Brexit dominating the parliamentary programme, time is one thing the chancellor does not have.

"However, with the need to restore voter confidence, to reflect the fiscal and economic needs of the UK and to impart a sense of control and order to a government which is perceived to be riven by divisions, there is a growing expectation that the chancellor will deliver a big, bold budget."

However, Tony Medcalf, head of tax at MHA Moore and Smalley, says that lost seats at the election could mean fewer blockbuster headlines in the budget.

He said: "I can’t see anything too radical being proposed this time. Following the narrow win at the election, the chancellor will want to avoid any major own goals. I expect Mr Hammond to stick to his overall message about creating a stable economy over the long term.”

Tony believes this will include enticing announcements for the future generations.

“There’s been talk about the chancellor using this budget to woo younger voters, perhaps by offering some form of tax break to younger people. There’s been suggestions that this could be something around National Insurance Contributions, but we’ll have to wait and see.

“With the continued uncertainty around Brexit, the chancellor will want to be saying that ‘Britain’s open for business’. However, he’s still walking that tightrope of being accused by Labour of offering tax cuts to big business, so I don’t think he can afford to be too over the top.

"The better than expected Q3 GDP figures will probably have eased the pressure on the chancellor to intervene on business taxes. As a result, I think it’s unlikely we’ll see corporate tax rates going any lower than they are already."

Of particular interest to the Lancashire economy could be the chancellor's backing of the £10bn Moorside project.

Professor Andy Gale, the University of Cumbria’s director of industrial strategy, is hoping for government support of work on a new nuclear power station.

The project will create 10,000 jobs during peak construction, and 1,000 when the site is commissioned and under operation. Though the site is located in Cumbria, the economic effects are expected to ripple into Lancashire. Prof Andy said: "The multiplier effect on the economy will be considerable. It is very important that the region is able to retain these incoming skills and the economic benefits that their presence will bring. Also, the infrastructure required, to enable the project, can be intelligently designed to add real value to quality of life in the community."

Latest news

1

Preston frozen dough brand has new celebrity shareholders Ant and Dec and Amy and Chris Cheadle

Preston frozen dough brand has new celebrity shareholders

18 Jul 2025

2

Wellbeing focused co-working space with its own pub in Burnley gets ready for launch Dave Scholes and Malcolm Ireland

Wellbeing focused co-working space with its own pub in Burnley gets ready for launch

18 Jul 2025

3

UK's pioneering Combat Air Flying Demonstrator is revealed Flying Combat Air Demonstrator

UK's pioneering Combat Air Flying Demonstrator is revealed

17 Jul 2025

4

A fresh brew for The Printed Cup Company The Printed Cup Company

A fresh brew for The Printed Cup Company

17 Jul 2025

5

Joe Diston from Beever and Struthers appointed to new Global IFRS leader for HLB International Joe Diston

Joe Diston from Beever and Struthers appointed to new Global IFRS leader for HLB International

17 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Advantage: AI – A Workshop for Business Leaders – August 14th
Navy--Event Tile.png.png
LBV Hub Seminars
14 Aug 2025 - 14 Aug 2025

Advantage: AI – A Workshop for Business Leaders – August 14th

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 12:00

The Business Network Central & East Lancashire
LBV Header (24).png.png
LBV Hub Networking
21 Aug 2025 - 21 Aug 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Morecambe Bay Walk
Walk.jpg.jpg
LBV Hub Awards
30 Aug 2025 - 30 Aug 2025

Morecambe Bay Walk

Arnside, CARNFORTH, LA5

09:30 - 14:00

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

North West Business Expo 2025
https---cdn.evbuc.com-images-880456273-4862066883-1-original.20241022-105445.jpeg.jpg
LBV Hub Exhibitions
24 Oct 2025 - 24 Oct 2025

North West Business Expo 2025

Bolton Stadium Hotel, Bolton, BL6 6SF

09:00 - 15:00

Lancashire Business Day 2025
241122lbvlancashiredaylhp0647web
Networking
27 Nov 2025

Lancashire Business Day 2025

Burnley FC , Burnley, BB10 4BX

12:00 - 17:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin