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Spring Statement 2018
Chancellor Philip Hammond has delivered his Spring Statement 2018, and on his promise to move away from two major fiscal announcements every year.
There was no red briefcase, no red book, no spending increases and no tax changes as the chancellor announced updated economic forecasts in a speech lasting less than half the length of any of his previous statements.
Not that it comes as a surprise seeing that Hammond moved this to a Tuesday, rather than keeping it in its usual slot straight after prime minister's questions on a Wednesday.
Far from being a second financial statement of the tax year, the chancellor unveiled the latest economic forecasts alongside a raft of consultations.
The Office for Budget Responsibility (OBR) revised its forecast for growth up to 1.5% - up 0.1% on the previous forecast announced in Autumn Budget 2017.
However, GDP is expected to fall back to 1.3% in 2019 and 2020 as the OBR left its November 2017 forecast unchanged.
Borrowing fell to £45.2 billion in 2017/18 - £4.7 billion lower than the OBR's forecast in November 2017, while Hammond confirmed any further borrowing is expected to fund capital investment only.
Debt is expected to start falling as a share of GDP in 2018/19, according to the OBR.
Aside from updated economic forecasts, the rest of the chancellor's attention focused on policy consultations - some new, others previously announced.
These consultations may feed into Autumn Budget 2018.
Related news
- Home
- About us
- Contact us
- Site map
- Search
- News
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- International services
- Business
- Starting a business
- Employed or self employed?
- Buying a business
- Initial costs of starting in business
- Proving your credentials to investors
- The tax system for the self employed
- Business deductions
- Claiming expenses
- Choosing your accounting date
- Buying a franchise
- The construction industry
- Preparing your business plan
- Essential record keeping
- The national minimum wage and the national living wage
- Working from home
- Insuring your business
- Tax planning for businesses
- Limited companies
- The tax system for companies
- Forming a limited company
- Pros and cons of limited companies
- Buying a company 'off the shelf'
- Tax and the company car
- Company bonus or dividend?
- Tax saving strategies
- Interest and tax payments
- Companies Act 2006
- Companies House - forms you need to know about
- The law and directors' responsibilities
- Statutory records
- The company secretary
- Getting the company struck off
- Running your business
- Partnerships
- Your employees
- Selling your business
- Starting a business
- Personal
- Tax
- Spring Budget 2020
- Tax rates and allowances
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Patent box
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals
- Green travel allowances
- Mileage allowances
- Vehicle benefits
- Vehicle duties
- Pension premiums
- EIS SEIS and VCT
- ISAs
- Stamp and property taxes
- Air passenger duty rates
- Landfill tax
- Charitable giving
- Annual tax on enveloped dwellings
- Diverted profits tax
- Tax credits
- State pension
- VAT
- An introduction to VAT
- Value added tax
- Bad debt relief
- Issuing VAT invoices
- Recovering VAT on staff expenses
- Fuel scale charges
- When to add VAT
- Deregistering from VAT
- Cash accounting scheme
- Flat rate scheme
- Annual accounting scheme
- VAT dos and don’ts
- VAT inspections
- How to survive the enforcement powers
- Group VAT registration
- VAT Mini One Stop Shop (MOSS)
- Reverse charge VAT for construction services
- PAYE and NI
- IR35
- Tax and business calendar
- Budgets and Statements archive
- Calculators
- Career opportunities
- Our clients