Budget 2018 in brief: what were Philip Hammond’s key points?

Budget 2018 in brief: what were Philip Hammond's key points?

Fiscal Phil is well on his way in the journey towards the Brexit deal next March but what has he promised in his Budget in the meantime?

On 29 October 2018, chancellor of the UK government, Philip Hammond, delivered his Budget speech to the nation in the House of Commons.

He touched on a wide range of points and made a great deal of promises, speaking on topics including austerity, defence, housing, the NHS, Brexit, and digital tax.

Hammond announced many changes that are likely to directly impact accountants, including the move to extend public sector IR35 reforms to the private sector.

He also promised business rates for all retailers in England with a rateable value of £51,000 or less would be cut by a third.

The chancellor did not leave out his promise for a UK-wide digital tech tax on large, global technology companies such as Google and Facebook. The EU are yet to agree on a worldwide one.

Perhaps the most joked about aspect of the Budget 2018 was the announcement that more money would be spent on roads than on education, an aspect that received quite a lot of backlash.

While Hammond extended the budget for Brexit, it made sure to stay light on plans for Britain’s exit from the EU. This paved the way for Hammond to announce a Spending Review next spring, which has potential to be another full-blown Budget if needed.

 

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