The Chancellor, Philip Hammond, presented the Spring Statement 2018 earlier today. Read on to find out what he said.
Although major tax and spending changes will now be announced once a year at the Budget in Autumn, Hammond’s first Spring Statement provided an update on the progress made since the Autumn Budget 2017.
Spring Statement 2018 key points snapshot:
- UK’s borrowing has dropped for the first time in 17 years
- The economy has grown for five consecutive years, exceeding expectation in 2017
- Plastic pollution is to be tackled through the tax system
- National Living Wage will rise to £7.83 from April 2018
- 60,000 first-time buyers benefitted from stamp duty changes announced in the last Budget
Read the detailed summary of everything covered in the Spring Statement 2018 on gov.uk or by clicking here.