Nottingham motorists could be the big winners when Chancellor Philip Hammond delivers his first Autumn Statement on Wednesday.
The statement is one of two big announcements the Treasury makes to Parliament a year – the other being the budget.
Normally delivered in late November or early December, the Autumn Statement is seen as a gentler financial forecast than the budget, but usually still contains announcements which affect nearly everybody.
This Autumn Mr Hammond is under pressure to deliver some good news in the climate of Post-Brexit uncertainty.
And among the biggest moves should be a £1.1 billion investment in the road network targeted at areas of high congestion.
Although the detail is yet to be announced, Nottinghamshire motorists will be hoping for some cash to help control the city’s problems with congestion and air pollution.
This is just one of four big announcements which are expected and we’ve broken them down to find out what it will mean for Nottinghamshire.
The Institute for Fiscal Studies provides independent analysis of government economics, and wants Hammond to be mindful of the potential impact of Brexit.
The IFS said: “Since the referendum result, the Government has substantially revised down their forecasts for economic growth.
“If correct this worsens the UK’s public finance position.
“With existing fiscal targets either already missed or abandoned Mr Hammond may decide to announce a new set of targets.”
The four key points expected to be announced in the budget
- £1.3bn investment into roads and railways
- Fuel duty freeze
- Increase in tax free personal allowance
- Childcare reduction costs
£1.3bn investment into roads
In an announcement before the statement, the Chancellor said that this investment will target congestion.
Around £1.1bn is believed to be forecast to be spent on reducing congestion and upgrading roads across the country.
However it is currently unclear as to whether Nottinghamshire will receive a portion of the investment, and exactly what it will be spent.
Nottingham planners have been outspoken in suggesting some changes which could alter the road network – including traffic light-free junctions – so the city could get some funding to explore these ideas.
Fuel duty freeze
Petrol and diesel currently has a duty on it of 57.95 pence per litre in the UK on top of VAT.
This freeze is expected to keep the price of petrol at around £1.15p/l and diesel at around £1.18p/l.
Increase in tax free personal allowance
As it stands, those who earn more than £11,000 per year are not taxed with this figure predicted to rise to £12,500.
Those who earn between £43,001 and £150,000 are currently taxed 40% of their income, with the minimum figure due to rise to £50,001.
This comes as the amount of people claiming job seekers allowance across Nottinghamshire fell this year.
Childcare reduction costs
It is thought that Hammond may announce extra childcare subsidies to help working parents of one and two-year-olds.
However this is still being considered before any official announcement.
