Spring Statement 2018

March 29th, 2018

Earlier this month we saw Philip Hammond deliver his first Spring Statement. During the short 30 minute speech, the chancellor updated on the progress made since the 2017 Autumn Budget and launched a number of forthcoming consultations. Of the 13 consultation papers that are set start this year, here are five of the key consultations that are most relevant to you:

Some businesses and industry groups felt the Spring Statement was a ‘missed opportunity’, with there no mention of the increases in the personal allowance and basic rate band to pass on savings to stretched taxpayers.

However, we were told that the economy is growing and that the Office for Budget Responsibility (OBR) has increased its forecast for growth for this year and GDP now forecasted to be 1.5% in 2018 and 1.3% in 2019 and 2020.

With proposed changes to IR35 announced in the 2017 Autumn Statement, we kept a keen eye out for any mention in the consultation papers and whilst it wasn’t specifically included there has been a consultation confirmed that will is due to be published in the coming months.

Notably, borrowing and debt are also reducing so that during 2018/19 the country will run on a small surplus. The rate of unemployment is also down and the OBR expects inflation to fall over the next 12 months.

A copy of our full review of the Spring Statement can be found here. For more information on how the changes may affect you, then please contact your local Champion office.

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