Hammond brings forward business rates revaluation to ease rates pain

Philip Hammond

Economic growth as measured by Gross Domestic Product (GDP), the total value of products produced within the economy over a year, is better than forecast.

"[There is] light at the end of the tunnel".

But despite striking an upbeat tone, Hammond will argue Britain's debt - now 86.5% of GDP - remains "higher than the safe level". Given this, it remains to be seen how
long the spring will remain in Mr Hammond's step.

Today, Hammond announced that the next revaluation, now due in 2022, will be brought forward to 2021.

She said: "Today's Spring Statement was characterised by unsafe complacency from the Chancellor".

His first Spring Statement - unlike a full-blown Budget - contained no tax changes or new spending commitments.

His Treasury deputy Liz Truss said there would be "no red box, no rabbits out of the hat and no tax changes".

While unveiling the Spring Statement, Hammond stuck to an optimistic tone when he said "there is light at the end of the tunnel" and that the United Kingdom economy is in better shape than expected.

"The OBR's minor cuts to its estimates for inflation for 2018-19 and 2019-20, to 1.8% and 1.9%, may help a little on this front, too, also giving the Bank of England breathing space when it comes to its latest interest rate decision next Thursday".

"I am pleased to report. on a United Kingdom economy that has grown in every year since 2010", Hammond told lawmakers.

The Chancellor's predicts real wage growth will turn positive in the first quarter of 2019.

Richard Beresford, chief executive of the NFB, said: "If the chancellor is serious about reaching 300,000 housing units per year, supporting apprenticeships and diversifying educational achievement through T-levels, then he will need SME house builders and constructors".

That's up from a November forecast of 1.2% but it would still see the United Kingdom lagging behind all other G20 countries.

"The vote to leave the European Union appears to have slowed the economy, but by less than we expected immediately after the referendum", the OBR said in a statement published alongside the budget update.

Green groups, industry bodies and individuals are invited to submit evidence on how the government can use the tax system to curb the use of plastic.

McDonnell is highly likely to call for an end austerity and more borrowing for long-term investments.

The chancellor of the exchequer stated that employment has increased by 3m since 2010 - the equivalent of 1,000 people finding work every day.

"Net social benefits paid by government - which includes working-age benefits, state pensions and public sector pension payments - are expected to reduce growth in real household disposable income per person by an average of 0.2 percentage points between 2017 and 2020", the report said.

Related News:

  • 'Willa Wonka' Child Star Competes On 'Jeopardy!' 47 Years Later & He's Unrecognizable

    'Willa Wonka' Child Star Competes On 'Jeopardy!' 47 Years Later & He's Unrecognizable

    Themmen last joined his former co-stars in 2015 on the Today show to discuss the legacy of the film and novel. Themmen was only 11 when he was in " Wonka ", but he has made cameos on food TV shows since then.
    Halep into quarters, Venus advances

    Halep into quarters, Venus advances

    Halep called for a timeout in the first set so her coach Darren Cahill could come down to the court to discuss strategy. His forehand pulled Chardy completely off the court and Federer hit a crosscourt backhand victor off Chardy's return.
    Jets want to sign Teddy Bridgewater

    Jets want to sign Teddy Bridgewater

    While Carolina can add more in free agency, the team will select with pick No. 24 in the first round of the upcoming draft. The Jets had always expressed an interest in re-signing McCown as their fallback option - and they may not be finished.
  • Anyone but Sevilla! Liverpool fans pick their fav Champions League opponents

    Anyone but Sevilla! Liverpool fans pick their fav Champions League opponents

    Moving to Liverpool has been incredible for Mohamed Salah in more ways than one. Man City and Liverpool are in the Champions League quarter-final draw.
    Parents of Seth Rich sue Fox News over false story

    Parents of Seth Rich sue Fox News over false story

    Even after the story fell apart, the suit states that "Fox continued to exploit the sham story because it was good for ratings". The White House confirmed that the Spicer meeting occurred, but denied any involvement in the story by the administration.
    Man pleads guilty to stabbing woman to death in Aldi

    Man pleads guilty to stabbing woman to death in Aldi

    A number of shoppers and members of staff bravely grappled with Hord as he repeatedly attacked Jodie with a knife. Jodie Willsher's uncle, Euan Hilton said: "On the 21st December, life as we knew it changed with Jodie's murder.
  • PM Justin Trudeau to tour Evraz Steel

    PM Justin Trudeau to tour Evraz Steel

    Trump on Thursday indefinitely exempted the two countries from steel and aluminum tariffs "at least at this time". Prime minister Justin Trudeau is at Algoma Steel this morning to show his support for the local steel industry.
    Super Bomberman R Coming to PlayStation 4, Xbox One, and PC

    Super Bomberman R Coming to PlayStation 4, Xbox One, and PC

    Super Bomberman R features a battle mode that supports up to eight players (local and online ) in last man standing-style match. Super Bomberman R is the biggest Bomberman game ever! Super Bomberman R debuted previous year on Switch.
    Dolphins Center Mike Pouncey To Be Granted Release After Declining Pay Cut

    Dolphins Center Mike Pouncey To Be Granted Release After Declining Pay Cut

    The 49ers signed center Weston Richburg in free agency this week and he likely will replace Kilgore at the position for the 49ers. According to Adam Schefter of ESPN , Pouncey has asked the Miami Dolphins for a release, which the team is expected to grant.
  • Walmart Inc. (WMT) - Long Term Technical look

    Walmart Inc. (WMT) - Long Term Technical look

    The retailer reported $1.33 EPS for the quarter, missing the Thomson Reuters' consensus estimate of $1.37 by ($0.04). Another trade for 2.00 million shares valued at $158.93 million was made by WALTON S ROBSON on Friday, September 22.
    Bihar bypolls: Lalu terms outcome as victory of truth over falsehood

    Bihar bypolls: Lalu terms outcome as victory of truth over falsehood

    Rinki is the widow of former BJP MLA Anand Bhushan Pandey, whose death necessitated the Bhabua by-poll. Now, the JD (U) is in alliance with the BJP and has put up its candidate to take on the RJDs nominee.
    North Port police: Woman took knife from would-be kidnapper and killed him

    North Port police: Woman took knife from would-be kidnapper and killed him

    Ludwick told Grace that he met Van der Sloot on Aruba in 2010 and hung out with him nearly every day for a few months. The unidentified woman was able to wrestle a knife from Ludwick, then stabbed him in the abdomen.

Most liked

Jones sorry for derogatory comments about Ireland, Wales
Subs: 16 Jamie George, 17 Joe Marler, 18 Dan Cole, 19 Joe Launchbury, 20 Don Armand, 21 Danny Care, 22 George Ford, 23 Mike Brown. Joe Schmidt has named his Ireland team for this weekend's mammoth Grand Slam showdown with old rivals England at Twickenham .

Jeremy Corbyn stokes furious row over his response to Salisbury chemical attack
His spokesman compounded anger at Labour's leadership by querying intelligence findings issued by the British state over decades. He told reporters: "The Government has access to information and intelligence on this matter which others don't.

Ross Lynch to play Harvey Kinkle on Netflix's 'Sabrina' series
Ross announced the news on his Instagram, posting a snapshot of his new character from one of Sabrina's cartoon spinoffs. The Chilling Adventures of Sabrina just rounded out its cast and now it's time to meet them all.

YouTuber Jailed For Shooting Her Boyfriend Dead
The couple's three-year-old child was among the 30 onlookers who watched the stunt, which was captured by two cameras, unfold. Before the fatal incident , Pedro Ruiz and Perez were amateur Youtube video-makers who posted stunts and pranks online.

Pakistan calls back envoy from India over 'harassment incidents'
According to a Foreign Office, Islamabad registered a protest at the lack of efforts by the Indian government on this account. It said the homes of Indian officials were broken into, the power supply snapped and often laptops were stolen.

WWE Renames Fabulous Moolah Battle Royale Amidst Heavy Backlash
The WWE announced they'd be holding a battle royal for the women as well, much like the Andre the Giant Battle Royal. For years, WWE has attempted to sweep the less-than-flattering characteristics of their biggest icons under the rug.

Where to stream the Stephen Hawking biopic 'The Theory of Everything'
Stephen Hawking , the famed physicist who died Wednesday at 76, had a publicly strained relationship with Israel. Things can get through a black hole , both through the outside and possibly through another universe.

Spotify Sets April 3 as First Trading Day
It upended Pandora (P)'s business and has grown in spite of threats from larger rivals like Apple ( AAPL ) and Google ( GOOGL ). Spotify's F-1 revealed that it finished 2017 with 71m paying subscribers and 159m monthly active users (MAUs).

Russian Federation to launch MISSION TO MARS - Putin boasts of 'deep space' plot
Propulsion systems for the rover's cruise and descent stage main structures were installed over the course of the past few months. The first planned ATLO activities will involve electrical integration of flight hardware into the mission's descent stage.

Robert Mueller Has Subpoenaed Docs From Trump Organization
The new measures, however delayed, amount to the most stringent punishment yet by Trump for Russia's election interference. In short, our actions to date are in no way proportionate to Russian aggression which is increasingly bold.

Toymakers brace for disruption from closing of Toys R Us stores
It marks the end for a company that sold toys, bikes, video games and birthday presents to millions of American kids. But the likely liquidation will have a bigger impact on smaller toy makers that rely more on the chain for sales.

CSA to appeal Rabada's 2 match suspension
Even Rabada has come out and said that he did not feel any contact and he did not deliberately push Smith. The ICC have 48 hours to appoint a judicial commissioner‚ who will have seven days to convene a hearing.

Facebook Lite to launch in developed countries, including United States
With only the bare-bones features, you're probably less likely to spend a lot of extra time scrolling through the app. In a report from Reuters , it appears that Facebook will be bringing its Facebook Lite app to markets such as the US.

McConnell urges Senate to quickly confirm Secretary of State, CIA nominees
The torture of detainees in USA custody during the last decade was one of the darkest chapters in American history. Democrats are already gearing up in opposition and plan to make Haspel's role in the George W.

IHeartMedia Says Business Will Continue During Debt Restructuring
The timing of iHeartMedia's buyout, which took place as the financial crisis was truly beginning, was poor. On Feb. 1, it announced it had skipped a $106 million coupon payment on debt that matures in 2021.