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December Update: Financial Services

27 November 2017

Brexit tensions reach new heights this December as the Government presses ahead in its bid to provide industry with some certainty about future business conditions.

Reactions to Chancellor Philip Hammond's Autumn Budget will continue, as the multitude of announcements is scrutinised.

Meanwhile, responses of a different kind will inevitably be brewing within a fractious Conservative Party. While the Budget appeared successful enough to ward off plotting opponents in the immediate sense, the Chancellor's Cabinet foes will be busy cooking up new ways to challenge him.

Here, Jo Hall, DeHavilland's Monitoring Consultant for Financial Services policy, gives you the lowdown on what to watch out for this December.

What's on the agenda this month

by Jo Hall, Monitoring Consultant

December sees the Tax Rates and Duties (Review) Bill receive its Second Reading in the House of Commons, with Conservative MP Christopher Chope leading the debate. This Private Member's Bill, introduced by Mr Chope, would require the Government to publish an annual review of the net yield to HM Treasury of tax rates and duties levied.

Meanwhile, the Sanctions and Anti-Money Laundering Bill continues its journey at the Committee Stage in the House of Lords, whilst the Data Protection Bill will enter Report Stage in a debate led by Digital, Culture, Media and Sport Minister Lord Ashton of Hyde.

Speculation over inflation is due to continue in December, with the ONS publishing inflation figures on the 12th. After the Chancellor’s economic report, it is expected that inflation will remain at its 3% high at the end of the year, only to drop down to 2% during 2018. Many have voiced concern over the continued squeeze on household finances and what this could mean for the economy going into next year.

 

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Jo Hall, Monitoring Consultant
Jo Hall
Monitoring Consultant

Jo is responsible for providing political monitoring and research to DeHavilland’s financial services clients. Jo holds a Bachelor’s degree in Economics from Manchester Metropolitan University and a Masters degree in Political Economy of Europe from the London School of Economics.