Philip Hammond’s Spring Statement Budget has been delivered against a backdrop of improving fortunes for the UK economy. Delivering an improved growth forecast – and a projected fall in inflation – Mr Hammond declared himself “positively Tigger-like”.
Although the Spring Statement was not intended as a major event, the Chancellor announced a raft of measures including: an acceleration of business rate reviews, investment in full-fibre broadband, stimulus for house building and an increase in the lifetime pensions allowance.
Alongside expected alterations to tax thresholds, the Spring Statement included major changes to Welsh and Scottish tax – introducing a Stamp Duty equivalent and new income tax rates respectively. Consultations on VAT, digital payments and entrepreneur’s relief were also announced.
To find out more about the Spring Statement and how you may be affected, click here to read our full Budget Summary Report. If you would like to discuss this, or any other issue raised in this article, please don’t hesitate to contact us.