Autumn Budget 2021: Financial services industry reacts,

Adam Walkom was asked to comment on Chancellor Rishi Sunak’s Budget and Spending Review for autumn 2021.

Adam Walkom, co-founder of Permanent Wealth Partners, said from most people’s perspectives, it “really was a nothing budget”.

“No major changes to income or capital gains tax rates, pensions nor inheritance tax. The chancellor teased about major reforms on business rates then proceeded to announce more regular valuation adjustments and just temporary relief for the hospitality sector — hardly large-scale structural changes,” he said.

“When the major tax announcements are on the smallest of taxes such as tonnage tax and domestic air passenger duty, this shows how much the chancellor was scratching around the edges of tax reform.

“The benefits for pubs and hospitality is good to hear, but that really is just small beer compared to the opportunity there was to reform business rates properly.”

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