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".

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"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.

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