Monday, 23 April, 2018


Spring statement 2018: the chancellor's key points at a glance

British industrial production Spring statement 2018: the chancellor's key points at a glance
Conrad Doyle | 13 March, 2018, 15:49

In his Spring Statement to the House of Commons this lunchtime, Hammond also said an investment programme of £44 billion had been agreed to lift housing supply to 300,000 a year by the mid-2020s.

He is set to unveil consultations on a single-use plastics tax and a possible tax on the profits of digital giants like Facebook and Google.

Labour's shadow chancellor John McDonnell said: "Today the chancellor has a choice".

Mr Hammond said he was inviting cities across England to bid for a share of £840 million to deliver on "local transport priorities".

Chancellor Philip Hammond delivered a pared-down spring statement on Tuesday which said the United Kingdom economy is faring better than predicted.

The debt forecast is almost 1% lower than in November, Mr Hammond said.

He said "substantial progress" has been made in Brexit talks. He insisted he had committed £60bn to public spending, with £4bn going into the NHS in 2018/19 alone, praising staff for their work during the recent winter crisis.

In comments released in The Sun on Sunday (11 March) in advance of the full statement tomorrow - which in contrast to previous Spring Budgets will be a pared-down affair, as the government moves towards once-yearly Autumn Budgets from 2019 - Hammond announced that he will be launching a call for evidence from stakeholders on how fiscal measures can be used to tackle the issue of plastic waste.

Britain's finance minister is expected to announce on Tuesday a modest improvement in the country's slow economic growth outlook in the run-up to Brexit, raising the prospect that he might relax his grip on public spending later this year. Those looking for any major spending or policy announcements will be left disappointed.

"Today's brief address will likely see the first full analysis of Brexit's impact on United Kingdom public finances, good news in terms of lower public borrowing and economic growth higher (but not necessarily an end to austerity), as well as announcement of a range of consultations on issues such as tax for small businesses, inheritance tax for individuals and a levy on "single use" plastics", said Accendo Markets analysts Mike van Dulken & Henry Croft.

Chancellor Philip Hammond set out his vision of an "outward-looking, free-trading nation, one that is confident that our best days lie ahead of us".

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