EXPERTS at accountancy firm Johnston Carmichael have welcomed “certainty” provided by the Chancellor’s Autumn Statement but highlighted a belief that the North Sea might have been expecting further help, which did not materialise.

Speaking in a live Facebook event for The Herald, Scott Newman, chartered financial planner, at Johnston Carmichael said that Chancellor Philip Hammond in his Autumn Statement was determined to show that the UK remained open for business after the Brexit vote, even if he was restrained in what he was able to announce.

In his first statement since replacing George Osborne as Chancellor in the change of Government after the Brexit vote, Mr Hammond promised a resilient economy as forecasts showed the UK facing slower growth and higher borrowing in the uncertainty.

The statement was delivered in the shadow of that uncertainty and Mr Newman said that led to restraint in terms of what the Chancellor announced.

“With the backdrop of leaving the EU, there were likely things that he wanted to do but can’t because of Brexit so this was very much about steadying the ship,” he said.

John McAuslin, tax partner from Johnston Carmichael, who also took part in the live discussion, said that since the vote some businesses had benefited. “Some people are embracing Brexit and it depends on what market you’re in. Some are benefiting from the drop in sterling but people are doing what they are doing and haven’t seen too many restrictions but at this stage because Article 50 has not been triggered yet people are continuing as they have been.”

Mr McAuslin added: “There is uncertainty out there for a lot of people, but Philip Hammond has tried to create as much certainty as he can.”

Increases in the personal tax allowances, which will see the basic allowance increase to £12,500 by 2020 and the higher rate threshold increased to £50,000 by the end of the current parliament, were highlighted by Mr McAuslin as examples of trying to ensure the UK’s workers had some level of certainty.

For businesses, Mr McAulsin said it was a relatively sober statement. “What businesses are looking for is certainty and stability and he delivered on that,” he said.

“One of the key themes was that the UK is going to attract investment at the highest level, and the commitment that the corporation tax rate to 17 per cent, the lowest in the G20, the fact there will be additional funding for R&D, showing that this can increase productivity.”

Sectors favoured by the chancellor were technology and R&D, said Mr Newman. “There is a clear signal that post-Brexit he is looking at that as a real growth area for the economy so that’s really encouraging for those business. For other businesses it’s the opportunity in providing the broader economic stability that is craved.”

Mr McAuslin said North Sea industries may have hoped for additional support, in spite of the oil price beginning to come back up from its recent lows.

“There have been a lot more calls for help [in the North Sea] at this time so while the Chancellor committed to retaining what had already been announced, the industry would have been hoping for more,” said Mr McAuslin.”

He also said that the increase in the National Living Wage would be helpful for huge numbers of low-paid workers. “It was something we expected but it will be a help. As will a further freeze in fuel duty increase.”

Mr Newman noted the “good news” of the pension triple-lock being retained, but added there were a few surprises, including: “The cut to money purchase annual allowance [to £4,000 from April 2017] is one that will catch a lot of people, potentially. But, he announced the national savings investment savings bond, which was hugely popular last time around. It’s a fairly small amount but it will be beneficial to a lot of people.”

He also said retaining salary sacrifice for pension, which was “important” he said. “He probably feels he’s done what he can in the climate, and it is waiting see for the next Budget.”