Bitesized Blighty: November 25, 2016
This week marked the announcement of the “Autumn Statement”, one of the two statements HM Treasury makes each year to Parliament upon publication of economic forecasts, the other being the annual Budget. Philip Hammond delivered his first Autumn Statement as chancellor on Wednesday, with key points including: National Living Wage to rise from £7.20 an hour to £7.50 from April next year; government finances forecast to be £122bn worse off in the period until 2021 than forecast in March's Budget; and a ban on upfront fees charged by letting agents in England "as soon as possible". For all the points see here.
On Brexit news and in light of the Autumn statement, the Office for Budget Responsibility (OBR) predicts that the government will have to borrow an extra £58.7bn as a result of the UK's vote to leave the European Union. The OBR said that the vote to leave the European Union will mean the UK economy would grow less and the government would have to borrow more. The £58.7bn extra that the OBR predicted would have to be borrowed by the end of 2020-21 is broken down into five parts: lower migration, lower productivity growth, a cyclical slowdown, higher inflation and lower interest rates.
Finally, today is a very important day for some... it's BLACK FRIDAY y'all! The UK prepared this week for what could be its biggest Black Friday yet, as the US import becomes a fixture on this side of the Atlantic. With some shops offering a 50% discount, a day of shopping turns into a blood bath. Stick to online shopping folks!