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
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.
Hundreds descend on Bolton town centre as pubs and bars reopen
Hundreds of pub-goers descended on Bolton town centre on Saturday afternoon as businesses reopened for the first time in months.
Pubs and bars around Bradshawgate, Churchgate and Nelson Square welcomed customers for the first time since lockdown began.
And the miserable weather did little to deter those keen to mark the event with a drink or two at their favourite boozer during the easing of lockdown rules.
At Ye Olde Man & Scythe, one of Britain’s oldest pubs, it was all change.
A one-way system has been introduced at the Churchgate establishment, which is believed to be more than 700 years old, and customers seemed to be adapting to it comfortably.
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