Three things banks want from Wednesday’s Autumn Statement
The shops are stocking mince pies and there's a distinct chill in the air, which can mean only one thing; the Autumn Statement is near.
While those in the booze sector have their fingers crossed for a beer duty freeze and property tycoons want some plans drawn up for affordable homes, what will bankers be hoping for?
Here are three things lenders will be keeping an eye out for on Wednesday, according to the Autumn Statement submission from industry body the British Bankers' Association (BBA):
Cuts, or changes, to sector-specific charges
A BBA report recently found the banking sector contributes almost £35bn in taxes a year, but a chunk of that is thanks to taxes which are levied only on lenders. The BBA would therefore like to see taxes evened out across the industry, and, in particular, would like the new chancellor to ensure the banking corporation tax surcharge is a temporary, not permanent, measure.
A tidy up of savings
From help to buy Isas to personal savings allowances, savings have undergone a policy overhaul in recent years. While banks are no doubt pleased that government supports saving, the constant fiddling with the framework has left many potential savers somewhat paralyzed by confusion. The BBA has said it would like to see a more "strategic and planned" approach to savings policy going forward.
More solutions for Brexit
The BBA also would like it if Philip Hammond touched upon what Brexit meant for the industry during his statement. In particular, the banks would like government to secure a transition period, which would essentially extend valuable rights for long enough for them to get their house in order rather than pushing institutions to run for the exit based on planning for their worst case scenario.