‘The OECD approves the increase in the income tax personal allowance to £11,500 – which, as we have previously noted, has contributed to the continuing contraction of the UK’s tax base. At the same time, it is advocating broadening the tax base by increasing national insurance contributions for the self-employed.
‘As Chancellor of the Exchequer Philip Hammond made a short-lived attempt to impose just such an increase in his March 2017 Budget, it will be interesting to see whether he returns to this theme in his November 22 Budget, especially in light of Matthew Taylor’s recent Review of Modern Working Practices.
‘Pensioners will also want to watch the upcoming Budget with interest, given the OECD’s call for state pensions to be indexed to average earnings only. This may signal that an end may be in sight for the triple lock.’