The chancellor Philip Hammond will deliver his maiden autumn statement on Wednesday against a backdrop of weaker growth prospects and a large deficit. The chancellor is also expected to make further announcements related to the northern powerhouse, masterminded by his predecessor George Osborne. Changes to the personal allowance on income tax would be a headline-grabbing measure. The chancellor could accelerate plans to increase the threshold at which people start to pay income tax. Employers benefit from such arrangements because it lowers the amount they must pay in national insurance contributions, while employees benefit by reducing the amount of income tax they have to pay.

Source: The Guardian November 20, 2016 19:55 UTC