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

Pleasure Beach Resort takes home four prizes at UK Theme Park Awards Pleasure Beach Resort’s David Hill, head of rides, and Stuart Cumming, marketing manager with the awards

Pleasure Beach Resort takes home four prizes at UK Theme Park Awards

18 Sep 2025

2

Brookhouse Aerospace invests more than £500k in additional machinery to support growth Brookhouse Aerospace machining facility

Brookhouse Aerospace invests more than £500k in additional machinery to support growth

18 Sep 2025

3

Growth Plan maps out £20bn-plus investment journey Mo Isap from the Lancashire Business Board with the plan

Growth Plan maps out £20bn-plus investment journey

18 Sep 2025

4

Post Office future secured as council explores new options Abington Street Post Office

Post Office future secured as council explores new options

17 Sep 2025

5

Airframe Designs supports new defence strategy with pledge to nurture talent Jerrod Hartley

Airframe Designs supports new defence strategy with pledge to nurture talent

17 Sep 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
LBV124 September/October Launch Event
MBP Arc Cinema Preston Opening 205
Networking
18 Sep 2025

LBV124 September/October Launch Event

The Arc Cinema, Preston, PR1 2BL

08:30 - 10:30

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

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

Ladies Lunch
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
18 Sep 2025 - 18 Sep 2025

Ladies Lunch

Lancaster Golf Club, Lancaster, LA2 0AJ

12:00 - 16:00

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

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation
Chorley Council breakfast event new
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Your Business, Your Region: Making sense of devolution and Local Government Reorganisation

Worden Hall, Leyland, PR25 3DH

08:00 - 11:00

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day
MTD drop in session.jpg.jpg
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) drop-in day, Blackburn, BB1 5QB

10:00 - 16:00

The Marketing Metrics That Matter – Sept 25
Metris 25.09.png.png
LBV Hub Seminars
25 Sep 2025 - 25 Sep 2025

The Marketing Metrics That Matter – Sept 25

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 11:00

The Marketing Meetup IRL: Lancashire - September
TMM Lancashire
LBV Hub Networking
25 Sep 2025 - 25 Sep 2025

The Marketing Meetup IRL: Lancashire - September

Chorley, PR7 2SL

18:00 - 20:00

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

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 LBV124 Online Graphic
Subscribe now

Weekly news bulletin