View the full

Autumn Budget

2018 here

Autumn Budget 2018

Autumn Budget 2018

 

With the final stages of Brexit negotiations fast approaching, it was unclear whether Mr Hammond would use the Budget to make any

significant announcements.

 

He was under some pressure to instil confidence and to back up spending promises already made, particularly, in respect of NHS funding.  Encouraged by increased tax receipts and improved economic forecasts, the Chancellor made a number of announcements that perhaps demonstrated a loosening of the purse strings. 

He delivered the positive message that austerity is ending as a result of the hard work of the British people and the Government’s balanced approach to public finances. He warned, however, that fiscal discipline will continue. 

The Chancellor announced a number of tax changes and consultations. Tax savings for business are focused towards investment and innovation.

 

For individuals, the promised increases in personal allowances and the higher rate threshold will take effect one year earlier than planned. 

 

Mr Hammond gave us his longest speech in a decade.  He also said that there might still be a need to upgrade the Spring Statement to a full budget event if Brexit throws things off track.

View the full

Spring Statement 2018 here

Spring Statement 2017

Spring Statement - 13 March 2018

  • GDP growth forecast increased to 1.5% from 1.4% in 2018
  • Employment growth predicted to be 32.7m by 2022, an increase of 500,000 from this year

  • Inflation expected to return to 2% over the next 12 months

  • Borrowing is forecast to be £45.2 billion this year, £4.7 billion lower than forecast

  • 31 million working people paying less tax by the raises in the personal allowance

  • Fuel duty frozen for the 8th year in a row

  • National living wage will rise to £7.83 from 1 April 2018

  • Business rates revaluation brought forward to 2021

  • £95 million allocated towards full-fibre broadband for 13 areas across the UK

  • Housing supply to raise to 300,000 per year by the mid-2020s with an investment of at least £44 billion

  • 60,000 first-time buyers have already benefitted from the Stamp Duty relief announced in last year’s Autumn Budget

  • Reducing single-use plastic waste through the tax system

  • Making sure multinational digital businesses pay a fair share of tax

  • How to encourage cashless and digital payments while ensuring cash remains available for those who need it

  • Extending the current tax relief to support self-employed people and employees when they fund their own training benefitting both individuals and the wider economy