Spring Budget 2017 - a focus on how this will affect UK Business.
Philip Hammond will deliver his first and last Spring Budget at 12:30pm today
We are keeping you up to date with some of the key points from the Chancellor’s Spring Budget with a focus on how this will affect UK Business.
- Hammond says that there is "No Room for complacency" as we prepare for our future outside of the EU. Employment is up, but productivity is low
- From April this year Corporation tax will fall to 19% and to 17% in 2020
- Hammond states: Business rates raise £25bn per year so they can't be abolished but Hammond admits that they need to find a better way of taxing the digital part of the economy
- Philip Hammond said pubs will see their business rate bills discounted by £1,000 this year, this is 90% of all pubs. There will be a £300m fund available to councils to provide discretional relief in hard cases
- Hammond states there will be "tough new financial penalty for professionals who enable a tax avoidance"
- Vehicle excise duty frozen for hauliers, and HGV road user levy frozen for another year
- Chancellor announces that the self-employed will face a tax rise of 2% in National Insurance Contributions
- The Chancellor stated that the only way to improve living standards is to improve our productivity and growth. There is a gap in and investment in training and infrastructure will start to close the gap
- Hammond states that the UK needs to be at the forefront of disruptive technologies like biotech, robotic systems and driverless vehicles (and then a little dig at the opposition) and there will be an allocation of £270m to support this
- £16m allocated for a new 5G mobile tech hub
- The Chancellor announces additional funding for the Scottish Government, Welsh Government & Northern Ireland Executive
- Midlands Engine strategy will be published tomorrow