Tom Selby: Phillip Hammond - The good, the bad and the ugly

Three years at the Treasury

clock • 3 min read

After Phillip Hammond's announcement he will quit as chancellor if, as expected, Boris Johnson becomes prime minister this week, Tom Selby assesses how his three years at the Treasury affected the UK's personal finances

The good * Income tax reforms boost workers: While Phillip Hammond's tenure has undoubtedly been dominated by a combination of austerity and Brexit, he has also introduced a number of reforms that have affected people's personal finances. Arguably the most significant intervention focused on lowering workers' income tax bills by raising the personal allowance. This stood at £11,000 when Hammond took the job in July 2016 and has steadily risen to £12,500 for the 2019/20 tax year - 12 months earlier than under previously announced plans. The point at which higher-rate income tax at 40% k...

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