Spring Statement 2018: Key points

13 Mar, 2018

The statement made by the Chancellor today contained little of substance.

  • 1.7% growth for this year, 0.2% better than the forecast, but little increase predicted for subsequent years; exports seems to have helped growth exceed the forecast, but this is probably short-term.
  • An extra 500,000 people will take home a regular pay packet by 2022, but how good those jobs will be is unclear.
  • He promised a balanced approach between debt reduction and extra spending.
  • The business rates review will be moved forward one year to 2021.
  • He detailed how Brexit funds will be allocated by Department.
  • £25 million was committed for 5G broadband testbeds.
  • He announced the release of £80 million to help small businesses recruit apprentices.
  • He announced the government was currently working with 44 authorities regarding bids for housing; West Midlands has agreed to build 215,000 new homes by 2030/31.
  • 116,000 affordable houses to be built in London by 2021/22.
  • 60,000 first-time house buyers have saved stamp duty land tax since the changes announced in the Budget.
  • There’s a call for evidence on how to encourage cashless and digital payments.
  • Use of Red Diesel under review for health reasons, there is a new call for evidence.
  • Further developments on collecting VAT in the digital economy, including direct collection from the purchaser.
  • A consultation about extending the circumstances where an employee or self-employed person can get tax relief for self-funded training costs.
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