Live blog: Spring Budget 2017

Welcome to our live blog for Spring Budget 2017. Here we’ll be providing Budget coverage throughout the day, including expert analysis and opinion on the key issues.

Related reading

Emma Smith March 8, 20176:25 pm

Top five takeaways from Spring Budget 2017

Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals.

Emma Smith March 8, 20176:21 pm

Spring Budget 2017: Self-employed hit with Class 4 NICs rise

One of the bigger announcements of the short and almost predictable final Spring Budget, is the raising of Class 4 National Insurance Contributions for the self-employed by 1% to 10%.

Emma Smith March 8, 20173:38 pm

Hammond hints at business rates reform in Spring Budget speech

Chancellor Philip Hammond has hinted at the possibility for reform to business rates in his Spring Budget speech, but revealed few details about what the business community could expect from the changes

Emma Smith March 8, 20173:35 pm

Spring Budget 2017: Making Tax digital

With the dust barely settling on the Chancellor Philip Hammond’s first and last Spring statement, we take a look at the much-anticipated announcements on HMRC’s Making Tax Digital (MTD) scheme

Emma Smith March 8, 20171:45 pm

Stamp duty is the missed opportunity, says law firm partner

John Overs, partner at Berwin Leighton Paisner, says: “The chancellor missed an opportunity to address the problems caused by the stamp duty reforms and rate increases introduced in the last couple of years. These are causing both problems for the housing market at all levels and losing revenue for the government.”

Emma Smith March 8, 20171:38 pm

Jeremy Corbyn’s turn to respond. £70bn of tax giveaways over next five years to those who next it the least, claims the Labour leader.

Emma Smith March 8, 20171:32 pm

Spring Budget 2017 continues government’s plan to make Britain best place to do business, says the chancellor.

Hammond finishes Budget speech on confident note: “Our greatest achievements are ahead of us.”

Emma Smith March 8, 20171:30 pm

“We are the party of the NHS,” says Hammond

Emma Smith March 8, 20171:29 pm

Emma Smith March 8, 20171:24 pm

Emma Smith March 8, 20171:18 pm

Phil Hall, Head of Public Affairs & Public Policy at the Association of
Accounting Technicians comments:

“Whilst many other organisations suggested a VAT threshold limit, AAT was alone in suggesting
a phased implementation programme that started at this level but gradually
reduced over time.

AAT included this idea in our consultation responses, met MPs and Peers from all
sides of the political divide to discuss the issue and wrote to the Chancellor
to outline these plans back in January as part of AAT’s Budget submission.

As a result we are delighted that all this hard work, engaging with members
through surveys and focus groups as well as with politicians and various other
stakeholders – and sticking to our beliefs despite considerable opposition –
has paid off.

The change will benefit millions of SMEs, accountants and agents across the UK,
HMRC and the economy as a whole. It’s a genuinely win-win result.”

Emma Smith March 8, 20171:16 pm

Devolved administrations: “We are stronger together,” says Hammond, as additional funding for Scotland, Wales and Northern Ireland announced

Emma Smith March 8, 20171:08 pm

Emma Smith March 8, 20171:03 pm

Hammond: Tax-free dividend allowance to reduce from £5,000 to £2,000 from April 2018

Emma Smith March 8, 20171:00 pm

Gig economy: From April 2018, main rate of class 4 NICs will increase to 10%. Abolition of class 2 NIC to go ahead

Emma Smith March 8, 201712:59 pm

Gig economy: Employed and self-employed alike use public services in same way, but do not pay for them in the same way, says Hammond

Emma Smith March 8, 201712:56 pm

Gig economy: People should always have choices about how they work, but these should not be for tax reasons, says Hammond

Emma Smith March 8, 201712:55 pm

Hammond: Top 1% of income taxpayers now pay 27% of all income tax

Emma Smith March 8, 201712:54 pm

Hammond: UK has achieved one of the lowest tax gaps in the world

Emma Smith March 8, 201712:53 pm

Business rates: small businesses, pubs and local authorities gain concessions

Emma Smith March 8, 201712:51 pm

Business rates: consultation on revaluation process to take place before next revaluation due

Emma Smith March 8, 201712:50 pm

Making Tax Digital: Hammond confirms that implementation of the initiative for businesses with turnover below the VAT threshold will be delayed by one year

Emma Smith March 8, 201712:49 pm

Hammond “listening to the voice of business”

Emma Smith March 8, 201712:48 pm

Hammond says his goal is for the UK to be the best place to start and grow a business

Emma Smith March 8, 201712:47 pm

Lower borrowing this year does mean more spending, says Hammond. £50bn spent on debt interest each year and only responsible course of action is to continue with the plan, undistracted by the opposition’s “reckless” policies

Emma Smith March 8, 201712:44 pm

Emma Smith March 8, 201712:40 pm

Emma Smith March 8, 201712:00 pm

What can we expect from Spring Budget 2017?

Take a look at what BDO tax partner David Brookes would like
to see included in the Spring Budget 2017.

Emma Smith March 8, 201711:53 am

37 minutes to go until we find out what’s inside!

Emma Smith March 8, 201711:07 am

Top five talking points for Spring Budget 2017

As chancellor Philip Hammond prepares to deliver the final Spring Budget, we take a look at the key topics that could be on the agenda today.