As promised, there were no tax changes or new laws introduced (these will be announced in the Autumn Budget going forwards) but there were a raft of positive announcements on various economic data and forecasts. Some funding was announced for 5G Test Beds, R&D, small house builders and for universities and businesses to help find a solution to the single-use-plastic problem.
Brexit was only mentioned once and only time will tell whether any short term storms caused by unfavourable deals impact on growth, employment and debt forecasts.
Unusually for recent budgets / statements Hull was not mentioned, perhaps the funding received to help with UK City of Culture 2017 means we will be towards the back of the queue again on the rare occasion the Chancellor opens the purse strings?
As you would expect, the Spring Statement delivered by the Chancellor Philip Hammond, to Parliament on 13 March 2018, was peppered with party political jibes no doubt intended to lift the spirits of his own party and dismay the opposition parties.
Please do let us know if you have any queries on the contents of our summary and be sure to keep an eye on our Twitter account ( @360accountants ) for further analysis over the next few weeks as we start to digest the contents of the small print.
To take a look at our easy to follow summary of the Spring Statement click here.
