Read our Autumn Budget 2018 newsletter

30th October 2018

Chancellor Philip Hammond has delivered his second Autumn Budget, exactly five months before Britain is due to leave the European Union. Our Autumn Budget 2018 newsletter covers some of the key announcements.

The Chancellor was in bullish mood, asserting that the era of austerity is ‘finally coming to an end’ after a ‘long, hard journey’. However, he maintained that UK debt remains too high and highlighted the importance of continuing to reduce debt and borrowing.

Citing the latest economic forecasts from the Office for Budget Responsibility, Mr Hammond revealed that the UK growth forecast has been upgraded from 1.3% to 1.6% for 2019, while public borrowing in 2018/19 is set to be £11.6bn lower than previously forecast at the time of the Spring Statement.

Budget Highlights

• Two-year cut in business rates for small retail properties from April 2019
• Increase in personal allowance brought forward to April 2019
• Annual Investment Allowance increasing to £1m
• New 2% Digital Services Tax to be introduced from 2020
• Stamp duty exemption for first-time buyers extended to shared equity homes
• New tax on non-recycled plastic packing
• VAT threshold to remain unchanged until April 2022
• Access to Employment Allowance restricted from April 2020

Please contact us if you wish to discuss any issues coming out of the Autumn Budget announcements that may have an impact on you or your business.

Autumn Budget 2018 Newsletter