News
Spring Budget, 2018

Chancellor Philip Hammond delivered his first Spring Statement on Thursday 13th March. It started on a fairly positive note, and he promised there is ‘light at the end of the tunnel’, but his announcement didn’t welcome much in the way of large sweeping statements, so what should you be aware of?
 
We’ve summarised a few of his key points:
  • Inflation rate is to fall over the next 12 months and wages are to rise faster than prices over the next five years, starting with the national wage will rise to £7.38 per hour from April, an increase of over £2,000 for a full-time worker since 2015. Over two million people are expected to benefit from next month’s increase.
  • Employment has risen by three million since 2010, an equivalent of 1,000 people finding work every day. Predictions are set for a further 500,000 individuals to be employed by 2022.
  • Borrowing has already fallen by three-quarters since 2010 and this year the forecast is £45.2billion – that’s £4.7billion lower than what was forecasted last November.
  • The tax-free personal allowance – the amount you earn before you start paying income tax – will rise to £11,850 from April 2018. This means that in 2018-19, a typical taxpayer will pay £1,075 less income tax than in 2010-11.
  • The next business rates revaluation will be brought forward from 2022 to 2021, meaning business rates will better reflect current rental value. Future business dates will be reviewed every three years from that date.
  • In his 2017 Autumn Budget, Mr Hammond scrapped stamp duty for first-time buyers on homes up to £300,000 – an estimated 60,000 first-time buyers have already benefited from this relief announcement.
Chancellor Philip Hammond delivered his first Spring Statement on Thursday 13th March. It started on a fairly positive note, and he promised there is ‘light at the end of the tunnel’, but his announcement didn’t welcome much in the way of large sweeping statements, so what should you be aware of?
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