The Autumn Statement – What it means for your Personal Finances.

5th December 2016

Finance
The Autumn Statement – What it means for your Personal Finances.

While Philip Hammond may not have set the world alight with his surprise free statement, it did contain plenty of small changes that will affect your bank balance. Here’s some things you should know:

A new savings bond will be launched in Spring 2017 through National Savings & Investments, with an interest rate expected to be set at around 2.2%. The bond will be open to those aged 16 and over, subject to a minimum investment of £100 and a maximum investment of £3,000. Savers must be able to put in their money for three years.

The personal Allowance will rise from £11,000 to £11,500 in April 2017 and up to £12,500 before the next election. At the same time the threshold for paying higher rate income tax will rise to £50,000 before the next election.

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