Investments  

Initial reaction starts rolling in to Autumn Statement

Reaction to the chanellor George Osborne’s Autumn Statement has been rolling in already even as he still briefs Parliament.

Accountants and advisers Moore Stephens said the “big surprise” was the fact Mr Osborne was claiming the deficit is “falling and borrowing less than forecast, not more”.

Brewin Dolphin’s Guy Foster also pointed out the news about restircting tax relief for banks had hit shares very quickly.

“RBS reacts to the news it will not be losing some tax relief from losses suffered in the credit crisis,” he said.

Data from Bloomberg shows the shares initially fell roughly 1 per cent.

The FT’s Jim Pickard said Mr Osborne had “[confounded] predictions the deficit would rise”, adding borrowing was “lower than predicted”.

“Figures on new measurement are like for like, he insists,” Mr Pickard said.

Hargreaves Lansdown’s pensions expert Tom McPhail also outlined the chancellor had confirmed “a change to annuity death tax rates”.

“The key question now is how it will apply and whether it will be retrospective,” he added.

IFA Paul Stocks said it was “very interesting news about Isas” in the Autumn Statement.

Chartered financial planner David Hearne also said the progressive stamp duty was “welcome” but added it “won’t help buyers particularly” as “prices will adjust [and] purchases are still based on affordability”.