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Budget 2018 Analysis

 

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With the final stages of Brexit negotiations fast approaching, it was not clear whether Mr Hammond would use the Budget to make any significant announcements, politically or economically.

He was under some pressure to instil confidence and to back up spending promises already made, particularly in respect of NHS funding.  Encouraged by increased tax receipts and improved economic forecasts, the Chancellor made a number of announcements that perhaps demonstrated a loosening of the purse strings. 

He delivered the positive message that austerity is ending as a result of the hard work of the British people and the Government’s balanced approach to public finances. He warned, however, that fiscal discipline will continue. 

The Chancellor announced a number of tax changes and consultations. Tax savings for business are focused towards investment and innovation. For individuals, the promised increases in personal allowances and the higher rate threshold will take effect one year earlier than planned. 

It’s fair to say Mr Hammond wasn’t put off by it being Monday, giving us his longest speech in a decade.  He also warned that there might still be a need to upgrade the Spring Statement to a full budget event if Brexit throws things off track. Scroll down to view our detailed analysis.


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