Spring Statement 2018 roundup for United Kingdom tech companies

Posted March 14, 2018

Hammond said today that the next revaluation, currently set to take place in 2022, would now take place in 2021.

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But it would be wrong to say that the content and tone of the statement wasn't anticipated - the Spring Statement was expected to be a short affair with no significant policy announcements, which will be saved for November's Budget.

"The Chancellor of the Exchequer has always been keen to have only one major fiscal event a year and today's Spring Statement was just that - a statement of the latest borrowing and growth projections without any fanfare, or new policy announcements".

Throughout his statement, Mr Hammond was keen to portray an optimistic vision of Britain's future to counteract Brexiteers' view of him as an "Eeyore" Chancellor who sees European Union exit as a damage limitation exercise.

The Office for Budget Responsibility has revised its economic growth forecast for 2018 to 1.5% from a previous estimate of 1.4%.

The OBR improved its forecast for economic growth for 2018, predicting GDP would increase by 1.5% for the year, up from its prediction of 1.4% in November 2017.

But the OBR revised down its forecasts for once the expected "status quo" post-Brexit transition period ends, down by 0.1% to 1.4% in 2021 and 1.5% in 2022.

Below, you can see the predicted growth figures from today's Spring Statement, compared with the predictions made in the Autumn Budget 2017.

The OBR upgraded its prediction for GDP growth in 2018 from 1.4 per cent to 1.5 per cent.

InflationWhat's this? What's this? - the rate at which prices are rising - is also starting to fall, he said.

France's Le Pen set to field new name for far-right party
The anti-establishment former head of Breitbart News has repeatedly expressed support for Europe's far right movements. His speech contained a familiar litany of attacks against global elites, Hillary Clinton and journalists.

The budget statement is also tipped to include improved economic growth and borrowing forecasts.

He hailed the strongest manufacturing growth for 50 years and record low unemployment, blasting Labour for spreading "doom and gloom" on the economy.

Hammond said he was on course to meet a target of bringing the debt-to-GDP ratio down each year, saying the OBR saw it falling to just under 78 percent of GDP by the 2022/23 fiscal year from an expected peak of 85.6 percent now.

And Mr Hammond confirmed Britain no longer needs to borrow cash to fund day-to-day spending - instead, all money borrowed now goes on capital spending which has a long-term payoff.

He said: "Our economy will remain and open and outward-looking, confident to compete with the best in the world".

It comes as the number of ATMs in the United Kingdom is under threat from proposed increases to interchange fees.

There is also going to be a review of a possible tax on single use plastic.

The consultation follows a pledge by Prime Minister Theresa May to cut down on all avoidable plastic waste by 2042.

"For eight years they've been ignored by this government".

Philip Hammond's Spring Statement was characterised by unsafe complacency and offers no light at the end of the tunnel for families across the country, according to Positive Money Executive Director Fran Boait.

Additionally, the Housing Growth Partnership, which provides financial support for small housebuilders, will be more than doubled to £220 million.

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