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Autumn Budget 2018: Introduction (30-10-2018)
Source: 30-10-2018

A true indication that, after nearly a decade, ‘austerity is coming to an end’? or just an offering of ‘half measures and quick fixes’? 

With the post-Brexit Spending Review looming in the Spring, you might have expected the Autumn Budget to be short on substance, but there was actually plenty put forward by the Chancellor for us to mull over in the coming weeks.

Brexit was seldom referred to directly, but there were plenty of references to the Spring Spending Review and, depending on your political leanings, the Economy is either progressing pleasingly or grinding along dismally. However, the newly discovered windfall of £13 Billion as a result of higher than expected tax receipts this year meant that there was probably something in there to please most people.

The tax thresholds for lower and higher rate tax payers were increased to meet the Governments manifesto pledge a year early and business rates for small businesses were reduced by a third.

The anticipated ‘latte tax’ on single use plastics did not materialise – instead, Mr Hammond has left that issue to the industry to regulate itself, for now. However, there was the announcement of a new tax on manufacturers and importers of certain products which contain too much non-recycled plastics. Whilst another new tax, aimed at the likes of Google and Facebook, will please many.

Other noteworthy items included increased spending on the NHS, Defence and Schools and the Infrastructure, but for more detail or if you have any queries please contact us on 01482 427360 or email help@360accountants.co.uk

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